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37 Tax Administration for RPGT - Coggle Diagram
37 Tax Administration for RPGT
Submission of return by
both
acquirer and disposer
Tax withheld by
acquirer
IF
disposer
is
citizen or PR
acquirer retain
Lower of
cash consideration
sum X exceeding 3% of total consideration
X a citizen/ X PR/ Co X incorporated in Msia
acquirer retain
Lower of
cash consideration
sum X exceeding 7% of the total consideration
Failure to comply
10% penalty on the withholding tax (debt due to gov)
submit
prescribed form
(form CKHT 2A)
within 60 days AFTER the DOD of the asset
Payment of remaining tax by
disposer
DG issue
notice assessment
to collect RPGT
RPGT payable per NA
less
amt retained by acquirer
= Net RPGT payable
disposer
pay RPGT/ appeal
within 30 days
AFTER the service of the notice of assessment
10% penalty
on disposer IF
failure to pay within the timeframe
DG is given
time bar of 5 years from the end of relevant YA
to raise the notice of assessment
submit
prescribed form
(form CKHT 1B)
within 60 days OF the DOD of the asset
Disposer to notify acquirer IF his disposal
X subject to tax
exempt from tax
require to
furnish a return
together with
a notification
in the
prescribed from
that such disposal is
not subject to tax
within 60 days AFTER DOD
to
acquirer
∴
acquirer X have to withhold and remit tax
IF
acquirer fails to withhold/remit tax
due to
incorrect or wrong notification
furnished
to acquirer by disposer
10% penalty of the tax payable
imposed
on disposer
in relevant YA