zb bhd, carrying on a share brokering business, was incorporated and has its head office in kuala lumpur. its representative residing in korea acted for some malaysian clients in the purchase and sale of shares in korea companies quoted on the stock exchange there.
the representative of zb bhd signed the contracts in korea on behalf of the malaysian clients and was paid 5% commission on the purchase and sale of shares. the commission was paid into a korea bank account of zb bhd and was not remitted to malaysia. zb bhd paid, after deducting the 5% commission, the profit made on the sale of the shares into the clients' accounts maintained in korea.
the company's representative in korea acted on the instructions received from the investment committee in the head office on the purchase and sale of shares in korea companies.
state, with reasons, whether the commission received by zb bhd are assessable, and whether the profit on the sale of shares are assessable to tax in malaysia.
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