Advanced Taxation - Indirect Tax
Essay by MINGFUI SIA • January 21, 2018 • Coursework • 269 Words (2 Pages) • 608 Views
Question 1
Circumstances | Sales Value of Taxable Goods |
A sale between a taxable person and an independent person | The actual selling price of the goods |
A sale by taxable person to a person not independent of him | The price at which such goods would have been sold in the ordinary course of business to a person independent of the taxable person |
Where a taxable person uses the goods other than as material in the manufacture of goods or by sale | The price at which such goods would have been sold to an independent person at the time of its first use |
Import of taxable goods | The aggregate of the value of the goods for purposes of custom duty + amount of the custom duty |
Where a manufacturer sub-contracts part of the manufacturing process to another person | The amount charged by that sub-contractor for the workdone, subject to the approval of the DG of Customs and Excise |
Question 2
Subject to Sales Tax? | Sales tax | |
Why? | RM | |
Hotel in Langkawi | No. Free zone. | NIL |
Supermarket in Philippines | No. Export exempted from sales tax. | NIL |
Departmental store in Sabah | Yes. ① Taxable Goods ② Manufactured and consumed in Malaysia | (a) 400,000 x 10% = 40,000 |
(b) Taxable Period: July & August
Due date: 28 days from expiry of taxable period → 28 September 2008
RM | ||
Sales Tax Payable | Amount due on 28.9.2008 | 40,000 |
1st Penalty (30 days) | 29.9.2008 to 28.10.2008 | 40,000 x 10% = 4,000 |
2nd Penalty (30 days) | 29.10.2008 to 27.11.2008 | 40,000 x 10% = 4,000 |
Total Amount of Tax and Penalty Imposed | 48,000 |
(c)
Question 3
Import Taxable Goods = Amount of taxable goods + Custom Duty
RM | |
Transaction Value | 28,000 |
+) Custom Duty Import Duty ( 80% x 28,000) Excise Duty ( 60% x 28,000) | 22,400 16800 |
67,200 |
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