TAX QUESTIONS? YOU ASK LAH!

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Q: I participated in a talent show organised by my company and won first prize amounting to RM7,800. Is the cash prize taxable?

A: Yes. The cash prize income may be treated as employment income if the activity is related to your employment. Even if it is not related to employment, it may be treated as a casual income and could be taxable under paragraph 4(f) of the Income Tax Act 1967.