Self Assessment System(Sas) in Malaysia - 1160 Words

SELF ASSESSMENT SYSTEM(SAS) In the 1999 budget it was announced that the official assessment system (under which taxpayer were assessed to income tax under the Income Tax Act, 1967 by the IRB based on the tax returns filed by them) was to be relpaced by the self-assessment system. There are three type taxpayer which are companies,business,partnership and co-operatives and salaried individuals. The SAS for salaried individuals, businesses and partnership was implemented from YA 2004. For the companies the year implementation is 2001 The self assessment system is essentially a process by which taxpayers are required by law to determine the taxable income, compute the tax liability and submit their tax returns based on tax laws, policy†¦show more content†¦OFFENCES AND PENALTIES It is essential that there should be penalties for those taxpayers who fail to their duties and obligations under the Act. If a taxpayer infringes the tax law, he will have commited an offence for which he may be liable to penalties, fines and possible imprisonment. The provision regarding offences and penalties are found in Part VIII of the Act(Sections 112 to 126). A sessions court or a court of a magistrate of the first class (in East Malaysia) has the power to try an offence under the Act and, on conviction, to impose the full penalty provided for by the Act (Section 126).’ The various tax offences and the accompanying penalties are: 1) Failure to furnish return or notify chargeability(Section 112) A person who fails to make a return or fails to notify the DG that he is chargeable to tax in a year of assessment is liable to a fine of not less than RM200 and more than RM2000 or imprisonment for a maximum of six months or to both. Thus, the person is guilty of an offence and will be penalised unless the person has some reasonable excuse for his failure. 2) Incorrect Returns(Section 113) An offence is committed by a person who: a) Makes an incorrect return by omitting or understatning any income of which he is required to make a return on behalf of himself or another person b) Gives any incorrect information in relation to any matter affecting his own chargeability to tax or the chargeability to taxShow MoreRelatedOrganizational Behavior and Strong Culture1260 Words   |  5 Pagesknowledge and more ability to do the decision making among employees. How the organization become more effective? The key of the effective organization strength in five: 1. Leadership. 2. Decision making and structure 3. People. 4. Work process and system. This key to effective must have clear vision and priorities. The vision is important to all the organization to achieve the goal. The vision is to be leading the goal. The all organization structure can to be support the objective of the organizationRead MoreMalaysias Education Curriculums Correlation With Malaysias National Philosophy of Education2510 Words   |  11 Pages1957, Malaysia has gone through many changes in various fields. Among these changes were implementations of policies related to educational syllabus and the medium of instruction. The most important feature of this reform is that it was based on philosophy of education which was first documented. The National Philosophy of Education (NPE) which was introduced in 1989 acts as a guide for all educational activities in Malaysia. It sets the values and principles of the Malaysian education system fromRead MoreOld Town White Coffee 15103 Words   |  21 Pagestechnological and Socio-cultural environments that reflect s the countries attractiveness as a market. Literature review section looks at the increased globalization of world markets. A rationale for international trade is outlined, followed by an assessment of the factors that need to be considered before market selection and market entry can occur. An overview of current methodologies for market selection is briefly reviewed and illustrated later in great detail looking at how home grown companyRead MoreOreo and Pt Danone Biscuit15809 Words   |  64 Pagesbrands of LU, Tuc and Prince is dominating biscuit market in the world. Kraft will take over the assets of Danone in 20 countries including 36 factories. It will expand operations in emerging markets such as China, Russia, Poland, Indonesia and Malaysia, which represent 25% of the world biscuit market. Kraft Foods is the world largest food and beverage company with annual income of US$ 34 billion with brands like Kraft Cheese, Philadelphia cream cheese, Post Cereals, Nabisco Cookies and CrackersRead MoreCase Studies: Sas Airline Ryanair80169 Words   |  321 PagesHow did the deregulation of air transportation in Europe foster entrepreneurial behavior and innovation in the European airline industry over the last twenty years? Case studies: SAS Airline Ryanair Master Thesis in Entrepreneurship and Dynamic Business Contexts Spring 2007 Supervisor: Hà ¥kan Bohman Entrepreneurship Master Program Authors:
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