Please enable JavaScript.
Coggle requires JavaScript to display documents.
SALES TAX, BAD DEBTS, TO MAINTAIN SALES TAX AS SINGLE STAGE TAX, A=payment…
SALES TAX
Tax administration
Registration period
- not later than last day of month following end of month where total turnover >RM500k
Submission return
- not later than last day of month following end of taxable period
Taxable period
- 1st taxable period=period of 2m commence from date register
Effective date of registration
- 1st day of following month of app of registration
Penalty
- First 30 day period, that sale tax not paid, penalty 10% on unpaid tax
- Second 30d period that sale tax not paid, additional penalty 15% on unpaid tax
- Third 30d period that sale tax not paid, an additional penalty 15% on unpaid tax
Sales value
-
For importer
Sales value is the aggregate of the following
-
Registration
Voluntary
-
a class of person who is exempted from registration (manufacture RM, components, packaging)
-
Single taxable person
Where buss conducted by different persons & those persons closely linked from financial, economic and organization aspect, DG may think buss is artificially separated & direct registration for single taxable person
Conditions
-
entire manufacturing deliberately separated into few parts & fragmented buss concurrently carried out by 2 or more diff person
-
Tax implication
any taxable goods manufactured by constituent number shall be treated as taxable goods manufactured by single taxable person
each constituent member is jointly and severally liable for any sales tax due and payable by single taxable person
a name jointly nominated by constituent members must be submitted and registered with DG within 14d after last person being served direction to be included as single taxable person
any failure by single taxable person to comply is deemed to be non-compliance made by each constituent member severally
-
Mandatory registration
at earlier of
Historical method
- not later than last day of month following end of month where total turnover in that month+11 immediate preceding months >RM500k
Future method
- not later than last day of month following the end of month where total turnover in that month+11 immediate preceding succeeding months >RM500k
Scope of charge
- Taxable on taxable goods manufactured + sold/used/ disposed in Mas by registered manufacturer
-
BAD DEBTS
CR note
Issuance CR note
- A sales deduction shall be given if registered manufacturer issues CR note which contain prescribed particulars
-
ST deduction
- Registered manufacturer may have submitted sales tax return to DG and has duty paid the sales tax, but sales tax is subsequently reduced
Repayment of sales tax
- Where DG has made refund for bad debt to a person + tax payable is subsequently receive by person, person shall repay to DG the tax claimed
-
-
DR note
issued when amount previously invoiced increased due to an addition of sales tax to be paid for any price adjustment
-
- A=payment received in respect of sale such taxable goods
- B=sale of value of such taxable goods + sales tax payable
- C=sales tax payable on such taxable goods