UNIVERSITI TEKNOLOGI MARA ARSHAD AYUB GRADUATE BUSINESS SCHOOL IFE 735 ISLAMIC FINANCE AND ACCOUNTING ASSIGNMENT ON : ISLAM AND TAXATION PREPARED FOR: DR. SHARIFAH FAIGAH BINTI SYED ALWI PREPARED BY: NURUL NADIA BINTI ABDULL RASHID NOR HAFIZAH BINTI SAMANAL
(2014715621) (2014970723)
NIK NAINUNIS BINTI ABDUL GHANI (2014701609)
MARCH-JULY 2015 TABLE OF CONTENT
TABLE OF CONTENT........................................................................................... i ISLAM AND TAXATION............................................................................................ 1 1.0
Introduction.................................................................................................. 1
2.0
History and Development of the taxation in Malaysia..................................1
2.1
Malaysian Tax Legislation........................................................................3
2.2
Function of Inland Revenue Board of Malaysia (IRBM)...............................4
2.3
Effects of taxation..................................................................................... 5
2.4
The characteristic of the taxation............................................................6
3.0
Types of taxation in Islamic contemporary and modern practice.................6
3.1
Islamic taxation........................................................................................ 6
3.2
Types of Islamic taxation...........................................................................6
3.2.1
Kharaj................................................................................................. 6
3.2.2
Jizyah.................................................................................................. 7
3.2.3
Ushr................................................................................................... 8
3.3
Others Taxation............................................................................................ 9 3.3.1
Personal Income Tax........................................................................... 9
3.3.2
Corporate Income Tax.......................................................................10
3.3.3
Sales and Services Tax......................................................................10
4.0
Opinion about Taxation...............................................................................11
4.1
First view of the Tax Policy......................................................................11
4.2
Second views of the Tax Policy................................................................12
5.0
Important and role of taxation...................................................................12
5.1 Role and function of zakat..........................................................................14 5.2 The important role of zakat........................................................................16 6.0
Conclusion.................................................................................................. 17
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ISLAM AND TAXATION
1.0
Introduction
Tax is a contribution obtains by Government as revenue. Tax payer is only be imposed by the law on an individual or business i.e.: corporate, soleproprietorship or partnership when their income attracts taxation. The tax regime in Malaysia was introduced by the British Colonial Government in Malay Peninsula in 1948, in Sabah and Sarawak is 1957 and in 1961 respectively. Ministry of Finance where appoint IRB to acts as an agent of the Government and to provide services in administration, assessing, collecting and enforcing payment of direct taxes. Direct taxes includes income taxes, real property, estate duties, and stamp duties. Taxation is actually to raise the income of government. Government use tax for the development of the country such as for the education, to build dams and roads, to build school and hospitals and others. If the taxation not existing its maybe gives difficult to government improve the country development. Many people have debated about the taxes because its burden to all citizen in terms of amount that will pay. Taxation is the important sources in the modern government. Every country has different ways to calculate the taxation. In addition, for maintaining stability of country’s economy taxation is the important tools. From Islamic perspective, Islamic taxation called as zakat that obliged to all Muslim. There have 8 categories of recipients that have stated in Quran.
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2.0
History and Development of the taxation in Malaysia
The types of taxes imposed by government are generally divided into two; direct and indirect taxation. In its early years of development, Malaysia dependent heavily on indirect taxes as sources of revenue. The upsurge in rubber production after 1900 and the imposition of a tax on rubber exports in 1907 further increased the dependence on export duty revenue. Other forms of taxation included excise and import duties and land taxes. However, the introduction of income tax in 1917 on a temporary basis in Malaya (as it was then known until 1963) was clouded with uncertainty as its faced strong opposition from general public. For instance the draft bill for imposing a tax on income that was introduced by the Straits Settlement Legislative Council in 1910 was withdrawn the following year as it did not receive the support of the tax paying public. Income taxes were introduced at various times and for various purposes over the preceding 30 years: (Kaipillai, 2010).
1917-1922
Due to the unfavourable of the 1910 draft bill, proposal to introduce income tax were concealed in the more agreeable language not raising revenue, but to fund the imperil war expenditure. Towards this purpose the War Tax Ordinance was introduced, and remain in forced up to the year 1919. (Kaipillai, 2010)
1923-1940
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During this period, there was no income tax in the Straits Settlements. (Kaipillai, 2010)
Post 1945
The Special Tax Adviser to the Government was appointed in 1946 to draft tax legislation for Malaya. He completed a comprehensive report in the following year. The Income Tax Ordinance 1947 took effect from 1 January 1948. (Kaipillai, 2010).
Income Tax Ordinance 1947
The provision of the ordinance were based substantially on the model colonial Territories Income Tax Ordinance 1922 (UK) which was designed for the British colonies at that time. (Kaipillai, 2010)
Income Tax Act 1967
The income Tax Ordinance 1947 was subsequently repealed and replaced by the income Tax Act 1967 which came into effect on 1 January 1968. The ITA 1967 actually consolidated the three laws of income Taxation then existing in Malaysia. The Income Tax Ordinance 1947 which was only applicable to Peninsular Malaysia, the Sabah Income Tax ordinance 1956 applicable to Sabah and the Sarawak
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Inland Revenue Ordinance 1960 applicable to Sarawak. After the formation of Malaysia 1n 1963, the separate taxation system of the three territories continued in existence until the introduction of the ITA. (Kaipillai, 2010) 2.1
Malaysian Tax Legislation
Generally, it no specific tax legislation governing Islamic financial instrument but in income tax Act 1967 have certain provision on Islamic transaction. The are some Act in the following: Section 2(7) “Any reference in this act to interest shall apply mutatis, mutandis to gains or profits received and expenses incurred, in lieu of interest, in transaction conducted in accordance with the principles of syariah.” Means that the profits from the must be derived from the Islamic financial transaction, it cannot have any element that prohibited in islam such as Riba. Section 6A (3) “A rebate shall be granted for a year of assessment for any zakat, fitrah or any other Islamic religious dues payment of which is obligatory and which are paid in the basis year for that year of assessment to,
and evidenced by a receipt issued by, an
appropriate religious authority established under any written law. Section 18 (Part III)
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"insurance" includes a takaful scheme pursuant to the Takaful Act 1984; "premiums", in relation to insurance, includes contributions or instalments payable under a takaful scheme pursuant to the Takaful Act 1984. (Inland Revenue Board of Malaysia (Act 1995), 2006) 2.2
Function of Inland Revenue Board of Malaysia (IRBM)
The Inland Revenue Board of Malaysia (IRBM) is one of the main revenue collecting agencies of the Ministry of Finance. The Department of Inland Revenue Malaysia became a board on March 1, 1996, and is now formally known as IRBM.
The agency is responsible for the overall administration of direct taxes under the following Acts:
1.
Income Tax Act 1967,
2.
Petroleum (Income Tax) Act 1967,
3.
Real Property Gains Tax Act 1976,
4.
Promotion of Investments Act 1986,
5.
Stamp Act 1949,
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6.
Labuan Offshore Business Activity Tax Act 1990
Based on the Act 533 INLAND REVENUE BOARD OF MALAYSIA ACT 1995 they list out the function of the Inland Revenue Board:
Section 10 (Part III)
1. To act as agent of the Government and to provide services in administering, assessing, collecting and enforcing payment of income tax, petroleum income tax, real property gains tax, estate duty, stamp duties and such other taxes as may be agreed between the Government and the Board;
2. To advise the Government on matters relating to taxation and to liaise with the appropriate Ministries and statutory bodies on such matters;
3. To participate in or outside Malaysia in respect of matters relating to taxation;
4. To perform such other functions as are conferred on the Board by any other written law. 6 | Page
5. May act as a collection agent for and on behalf of any body for the recovery of loans due for repayment to that body under any written law. 2.3
Effects of taxation
1. Personal income Tax-legal Taxpayer will affect the decision of work, save and invest. Maybe all the taxpayer will feel burden to pay the tax and these affect also effect other people
2. Corporate income tax –its gives the result to lower corporate profits and dividends. The income of business may reduce so that they will increase their profit by raising the process of the products. (Johari, Ibrahim, Radzi, & Ibrahim, 2014)
2.4
The characteristic of the taxation
1. Cash- means that its generally pay in cash, the payment other than cash is
not accepted like checks, promissory notes or any other
than cash.
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2. Enforced contribution – this payment of Taxation is not the voluntary, its based on the income tax personal or corporate
3. Proportionate in character – the payment of the tax based on the ability to pay.for example the higher income of the tax payer will gives the highest pay of taxation,
4. Levied for public- the objective of taxation is wants to development, so that the taxes are to support the government to manage all the development projects and program to the country.
3.0
Types of taxation in Islamic contemporary and modern
practice. 3.1
Islamic taxation
Zakat is the heart of the Islamic tax system. Nothing can be said about taxation in an Islamic system without firstly knowing the nature of the zakat system. There have similarities between taxes and zakat. Principle of taxation is acceptable but the ruler should give a clear explanation to implement taxes. The tax policy would be able to further oppress Muslim if there no any reference to Shariah in any decision-making. 3.2
Types of Islamic taxation
3.2.1
Kharaj
Literally Kharaj means lease, rent or simple yield. From the terminology, definition Kharaj is the levy on land produce in the non-muslim state
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which was conquered by the Islamic state as payment to the Islamic state. Kharaj was firstly introduces by the Caliph Umar ibn Al-Khatab. There is no clear direction in the Holy Quran or traditions of the Prophet (SAW) about the rates and methods in the collections of Kharaj (Azmi, 2009). So the ruler has authority to change the rate and its method whenever appropriate. There are some condition Kharaj was imposed includes facility of land, types of crops and system of irrigation. Jurists have classified two basis charged on Kharaj which are fixed Kharaj levied at a fixed amount per unit of area and proportional Kharaj which is charged on portion of the production as half or one quarter and other. Once the land was declared as Kharaj land, it will remain as such even though the owner land sells the land to a Muslim or become a Muslim. Kharaj is not to be charge on the habitations or the land-owners houses. 3.2.2
Jizyah
Jizyah comes from root word Jaza which means recompose. It is a kind of tax where imposed on non-Muslim by Islamic state as a protection given to them and their properties as well. Al-jizyah is also called poll-tax (Ahmad, 2015) Which is a poll tax imposed to non-Muslim because there were neither paying Zakat nor serving army like Muslim citizens. The groups of non-Muslims are called Zimmis which means protected or covenanted group. Al-Quran mentioned about the authority of Jizyah which commands the believers: (At-taubah 9:29). 9 | Page
“Fight against such of those who have been given the scripture as believe not in Allah nor Last Day, and forbid not that which ALLAH hath forbidden by His messenger, and follow not the religion of truth, until they pay the tribute (Jizyah) readily, being brought low” There are some rules of Jizyah in the Quran and practices during Prophetic tradition and four caliphs. Not everybody compulsory to pay Jizyah. There are some group is exempted from Jizyah. Jizyah is levied on male who is able, adult and non-Muslim which competent to participate in war (Ahmad, 2015).The groups of Zimmis (protected people) who are exempted from Jizyah tax are women, under age male, old folks, handicap person (blind, deaf or crippled), priests and monks, the captive, military people, beggary and the poor Insane and mentally problem persons. Based on the history of Islam, if Islamic state not able to protect life and property of them, the amounted collected from Jizyah has been refund to non-Muslim during the war. In fact the rate of Jizyah is much lower than Zakat. In addition, the Jizyah are obliged one Dinar (12 dirham) per annum for a person by the Prophets. During the time of Caliph Umar, the rate was depending on the income level of the payers as follow: 1. Upper group : the rate was 4 Dinars (48 dirhams) 2. Middle group : the rate was 2 Dinars (24 dirhams) 3. Lower class : the rate was 1 Dinars ( 12 dirhams)
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3.2.3 Ushr Literally means one-tenth. It is a tax on agricultural products. He Muslim Jurists and Fiqh of Scholars has been developed this concept. There are some area under Ushr land are Makkah, Madina, Taif, Hijaz, Yemen and other Arab Territories. The term Ushr cannot found in the Qur’an. However there is verse refer to Ushr. “Eat you of the fruit thereof when it fruiteth, and pay the due thereof upon the harvest day, and be not prodigal” (Alan ‘am 6:141) There are two different types agricultural product classified by jurists. Firstly, farm produce like corn and vegetable and secondly, garden produce like fruits, honey and other. In the Quran (6:141) above mentioned that the time for payment Ushr at the time of harvest. Minimum limit for agricultural product is 5 vasqs or 948kg. Ushr is liable to the owner, the owner must be a Muslim who is adult or a minor, may be a man or a women. The Ushr will be charge if he or she cultivates the land on their own. If their agricultural destroyed due to natural calamities or theft, no Ushr is charge.
3.3
Others Taxation
In our tax system in Malaysia, there are some difference types of taxes. From the report on Tax in Malaysia prepared by (Zakaria, 2010), he discussed more on personal and income tax, value added tax, customs duty and local tax. Every difference tax has difference function and 11 | P a g e
objective. Tax in Malaysia is divided into two categories which are direct tax and indirect tax. While, the direct tax consists of income tax, real property gain tax, petroleum income tax and stamp duty. Besides, the indirect taxes consist of sales tax, service tax, import duty, export duty and excise duty. 3.3.1
Personal Income Tax
Any individual who has income accruing in or derived from Malaysia or derived from outside Malaysia for a year assessment (YA) is liable to tax in Malaysia. However starting from 2004, income received by an individual for a year of assessment that is derived from sources outside Malaysia is exempted from tax (Zakaria, 2010). These taxes are paid by a person whose income is subject to deductions on tax credits. This tax is not imposed to people under a certain income and who have special disability. There are some deductions such as medical expenses, cash donation for public and a gift money to government.
3.3.2
Corporate Income Tax
This tax special for resident companies are subject to tax on income accruing in or derived from Malaysia. Income received in Malaysia from outside Malaysia is exempted from tax, except for companies carrying on the business of banking, insurance or air transport. The tax is subjected to 12 | P a g e
25%. Non-resident companies are subject to tax only accruing in or derived from sources within Malaysia. Business income of non-residents derived through a permanent establishment in Malaysia is subject to tax (PwC, 2014) 3.3.3
Sales and Services Tax
Since 1 April 2015, Malaysia implemented of Goods and Services Tax (GST) will be a major tax reform in Malaysia. GST is a multi-stage consumption tax is based on consumption rather than earnings and can be charged on virtually all supplies of goods and services. The implementation of GST will replace the current sales and services tax. Current sales tax is a single stage imposed at the import or manufacturing levels. In Malaysia, manufacturers of taxable goods are required to be licensed under the Sales Tax Act 1972. Sales tax is generally at 10%. However, raw materials and machinery for use in the manufacture of taxable goods are eligible for exemption from the tax. Certain tourism and sport goods, books, newspapers and reading materials are exempted. A service tax was introduced in Malaysia at 1972. It applies to certain prescribed goods and services in Malaysia including telecommunication services companies, advertising companies, recreational club, parking service space services operator, consultancy firms, management service provider and courier service firms.
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4.0
Opinion about Taxation
Some Muslim people still questioning either tax such as Income tax, wealth tax, property tax and so on are possible to charge to Muslim. This issue is not easily resolved since there are no clear instructions either in the Quran and the Sunnah in the support of or against to it. Muslim jurists have different opinion regarding the concept of taxes in Islam whether the government should collect taxes from people or not. There are some reasons allowing and rejecting of taxation. 4.1
First view of the Tax Policy
Some Ulama allow the existence of tax policy. This is because, according to
the
original,
everything
is
permissible.
The
important
thing
implementing taxes, the ruler should be guided form basic principles of the Zakat system and should not contradict with zakat. As we all know, zakat is the heart of the Islamic tax system. Since the tax is used for the good of society, such as infrastructure development, education and so on, it can be concluded that the tax law is permissible (Nafik & Widiastuti, 2012). There are some people and Muslim jurist that have allowed collecting zakat. Abu Yusuf in his book, Al-kharaj, Ibn Khaldun in his book Muqaddimah, Marghinani in his book al-Hidayah, Umer Chapra in book Islam and the Economic Challenge, Hassan al-Banna in his book Rasa’il Majmuatur, Ibn Taymiyyah in Majmuatul Fatawa, Abdul Qadeem Zallum in Al-Amwal fi Daulah al-Khilafah stated allowing collecting zakat. The whole idea of the figure quoted in (Nafik & Widiastuti, 2012). Yusuf al-Qarawi, an
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Egyption Muslim scholar, has allowing the tax obligations of charity. There are some requirements for tax collection. Firstly, the Government really needs funds and no other source that can cover their needs. Secondly, the division of the tax must equitable. Thirdly, spent the amount collected for Maslahah people. It can be concluded that, taxes are permissible if there is no other opportunity to gain the revenue for public interest. At the same time, the taxes should be collected from people are affordable to pay it, not from poor people. This is because the amount may be burdening them. However, the ruler should give a clear explanation and make sure the taxes are not contradicted with the Shari’ah principle. So, the taxes will benefit to society in term of development. 4.2
Second views of the Tax Policy
Every person with have their own opinion in some issues. Same goes to tax policy. There have second view who are argues that the tax is haram. This is because in the history of Islam during the Prophet Muhammad and the Caliph was never to tax to the Muslims. They are obliged to pay Zakat only. The Fuqaha or Ulama worry if taxes are allowed it will abuse and become tool of oppression. To makes its economic system significantly in Islam, Islam very serious emphasis on social and economic justice (Affandi, 2002). It clearly stated in Quran all forms of levies is prohibited. Allah says in Surah Al-Baqarah (2:188). “And eat up not one another property unjustly (in any illegal way stealing, robbing, deceiving, etc), nor 15 | P a g e
give bribery to the rulers (judges before presenting your cases) that may knowingly”. Islam does not recognize the tax because there is Dharibah.
5.0
Important and role of taxation.
The government imposed taxation charge on citizen and also corporate business. The charge by the government would give the benefit to the citizen of the country as a whole because they used the fund by the different government project. The taxation process can benefit both the society and business as a whole. In today’s world most of the countries in the world have its own tax system because tax are one of the major revenue for the government to administer the country. (Ahmad, 2015) Some of the important roles of tax are as follow: 1. Maximize allocation of resources The change of resources from the taxed to non-taxed sector was led by the imposition of taxes. The revenue is due on various productive sectors in the country in order to increase the country growth. To 16 | P a g e
encourage development activities in the underdevelopments area of the country, it also can be use the tax revenue. 2. Raising government revenue Besides intends at raising sufficient financial
resources
for
administration expenses, for law maintenance and to protect the country from foreign aggression, now the main object is to ensure the social welfare. The increases in tax collection will cause the increase of the government revenue. 3. Encouraging savings and investment Since developing countries has mixed economy, indirectly it is actually promoting capital formation and investment for public and private sectors. Then, the ratio of savings to national income also was raise. 4. Reducing the inequities of income and wealth Government can encourage people to save and invest in productive sectors through reducing inequities in income and wealth by using an efficient tax system. 5. Accelerating the economic growth Tax policy used to handle critical economic situation like depression and inflation. In depression, tax is set to reduce the savings and increase the consumption to increase the aggregate demand and vice versa. Thus the tax policy was used to strengthen incentives to both savings and investment. 6. Stabilizing the price The important to ensure the growth stability by maintaining the price stability of under develop country. 7. Control the mechanism Tax policy is also a tool to control inflation, consumption of liquor and luxury goods and to protect the local poor industries from the uneven competition. Taxation is the only effective weapon which 17 | P a g e
private consumption can be constrained and thus resources transferred to the state to ensure sustainable development. 5.1
Role and function of zakat
The institution of zakat has implications for micro and macro-economic variables. Zakat has effects on saving and investment behaviors of individuals without affecting work efforts. Thus, it involves several dimensions including allocative efficiency, distribution of income and wealth, social security, economic growth and poverty alleviation and stabilization. (Aziz, 2013) . The roles and functions of zakat institution can be explained by the following points:
1. Zakat and saving Zakat will increase national savings, while some others find the effect unconvinced. The institution of zakat is expected to increase saving for the individual and nation. The higher the uncertainty about the expected rate of return on investment, the higher will be favorable effect of zakat on savings. The effect of zakat on national income will depend on the nature of consumption function that the society follows in its consumption behavior. Zakat distribute the wealth or resources from the rich to the poor and according to the absolute income, the average propensity to consume of the low income group is relatively higher than of the high income group. 2. Zakat and income distribution Zakat institution will redistribute the resources from the rich people to the unfortunate society. There are two channel of distribution of income and wealth. Firstly, the functional distribution of income 18 | P a g e
which refer to the distribution of the services and produced goods among the factors of production and secondly, distribution of wealth through transfer payments. If the Islamic mechanism of functional distribution of income through a just factor pricing is implemented, the distribution of income is not expected to be highly uneven. 3. Zakat and poverty eradication The establishment of zakat institution is to help the needy people especially to the Muslims nation. Poverty is one of the worst problems in the society. Poverty also may leads to crime such as robbery which is most of the crimes is committed due to poverty. If the zakat institution was operating effectively, it will create the sense of love, cooperation and friendship between the rich and the poor people. A variety of distributional channels tend to lead the Muslims towards a central average of living standard will effect in extreme income inequality and would not exist in a properly functioning in Islamic state. In addition, if the zakat institution is properly implemented, it will able to break the gap between the poorer and the richer and thus will eradicate the poverty in the society. The abolition or wiping up of interest will encourage the rich to invest their wealth as well as will increase employment. 5.2 The important role of zakat The institution of zakat is a crucial component of the Islamic economy. The role of zakat within Islamic economy can be said to cover three areas which are for the first is social, second is moral and the last one is economic area. (Ahmad, 2015) 19 | P a g e
a) The social area. The primary objective of zakat is to reduce poverty and this objective is very important to the social aspect which considering the fact of the some of the rich countries in the world strangely enough poverty is widespread in the muslim world. This is because in those countries wealth is largely controlled by a group of elites who do not care for the poor and the unfortunate people. These situations become worst if these elites not to levy zakat that make the poor or the needy society forced to steal or beg for charity. Thus, the rich live up to their society responsibility by distributing a portion of their wealth to the poor of the society large. b) The moral area The important role of zakat in the Islamic taxation is that it “washes away the greed and covetousness of the rich”. Islam encourages the lawful the lawful seeking of wealth and Islam is not-anti wealth. Nevertheless, Islam is against the excessive materialistic attitude which some people tend to exemplify. The important role of zakat in encourages and also impresses a sense of moral responsibility on the rich to look after the poor and the less fortunate members of the society. Thus, it also seeking to restrain meaningless of greed, selfishness and covetous in order to create a society that is caring, loving and just.
6.0 Conclusion
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After we discuss some topic with Islam and taxation. We can see the differences between the concept of Islamic taxation and other taxation in current practice. There are some benefits of implementing taxation in our country. From the perspective of Islam, Islamic taxation or zakat will give a big impact to Muslim society. For example, it may eradicate poverty, increase social development and helping poor people. By having zakat in islam it also can increase Islamic economy in our country. The obligation to pay zakat is the command from Allah. So as a Muslim, we are obliged to pay zakat. In addition, most of the country implements taxation to increase their income. From an Islamic perspective, the collection of taxation is not prohibited, but the rulers should give the clear explanation in term of a portion, usage and so on. The taxation to Muslim should be not compulsory because Muslim are obliged to pay zakat. But, the ruler has their own opinion to collect taxes. There are some requirement for government in implementation of taxation. When there are no other funds to cover their needs, the distribution should be equitable and the uses are for Maslahah.
REFRENCES
Affandi, N. M. (2002). Islam & Business. Selangor: Pelanduk Publication. Ahmad, I. (2015). Islamic Economic. Selangor: UITM Bookpres.
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Aziz, M. R. (2013). Introduction to Islamic Institutions in Economics and Finance. Negeri Sembilan : USIM Publisher . Azmi, S. (2009). Islamic Economics. India: Goodword Books. (2006). Inland Revenue Board of Malaysia (Act 1995). Kuala Lumpur: The Commissioner of Law revision, Malaysia Under the Authority of the Revision of Laws Act 1968 in Collaboration withPercetakan Nasional Malaysia Bhd. Johari, F., Ibrahim, P., Radzi, W. M., & Ibrahim, M. F. (2014). THE MALAYSIAN LAND TAXATION SYSTEM: A. Journal Klagenfurt ,Australia. Kaipillai, J. (2010). A Guide To Malaysian Taxation. Malaysia: Mc Graw Hill Education. Nafik, M., & Widiastuti, T. (2012). Comparison Between The Modern and Islamic Concept of Taxation. the 2012 International Conference on Business and Management, (pp. 18-28). Phuket, Thailand. PwC. (2014). Malaysian tax and Business Booklet (PricewaterhouseCoopers). Kuala Lumpur : SP- muda printing Services Sdn Bhd . Zakaria, T. S. (2010). Tax System In Malaysia. The Asian Tax Syatem Seminar 2010, (pp. 1-22). Bangkok.
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