TAX317: You are required to create a business entity located in Malaysia that manufactures taxable: TAXATION 2 Assignment, UiTM, Malaysia

University Universiti Teknologi MARA (UiTM)
Subject TAX317: TAXATION 2
  • You are required to create a business entity located in Malaysia that manufactures taxable goods not exempted under the Sales Tax Act 2018, Sales Tax  Order 2018, and any other recent applicable exemption orders of the Minister of Finance. Your business entity should have the following profile:

i. Name of your business entity and the type of business organization.
ii. Date of business registration and commencement.
iii. Registered address and contact details (telephone, email) of your business.
iv. Place of manufacturing address.
v. Name of owners/directors.
vi. List at least TWO (2) taxable goods manufactured by your business.

  • Assumes that the following information are on your business:
    a. The business carries out manufacturing activities to produce taxable goods.
    b. The financial year ends on 30 June each year.
    c. Sales transactions are performed on both cash and credit basis.
    d. Goods manufactured and sold are under the category of taxable goods.
    e. Below are the Monthly Sales Report for the financial year end 2022 and the Projected Sales Report for the financial year end 2023.

TAXATION 2
TAXATION 2

i. Based on the above information, explain when your business is required to apply for the sales tax registration using the historical method (support your answer with relevant computation and by filing the SST-01 form).

ii. Explain when will your business charge sales tax to customers.

iii. For each of the following items made by your business, calculate the amount due to RMCD (if any) according to the Sales Tax Act 2018. Justify your answer if the transaction is not subjected to sales tax.
a. For cash sales made in the month of January 2022.
b. For credit sales made in the month of May 2022.
c. For RM75,000 sales made in June 2022 which were sold to customers in designated areas.
d. For RM25,000 of sales made in June 2022 has been donated to charity organizations in Malaysia. The cost of the goods donated amounted to RM18,000.

iv. Based on information in (iii), explain the submission requirement of SST-02 and payment of sales tax.

v. Based on information in (iii) and (iv), describe the consequences according to
Sales Tax Act 2018 if your business remitted the amount of sales tax to RMCD on 15 September 2022

vi. Assuming today is 31 March 2023. The following is information about one of your customers.

Stuck in Completing this Assignment and feeling stressed ? Take our Private Writing Services.

Get Help By Expert

Do you need thesis writing help online in Malaysia? Malaysia Assignment Help is the perfect solution for you! Our team of experts offers thesis assistance to students all over the country, making sure that their thesis is prepared and delivered in a timely manner. Try Malaysiaassignmenthelp.com now, and hire the malaysia assignment helper online you deserve!

Answer

Recent Solved Questions

Online Exam & Assignment Writing Services

11770+ Orders Delivered

4.9/5
5 Star Rating

Confidential & Secure Assignment Help For

Group Assignment Help

Online Exam -Test & Quiz

Cheapest Price Quote

Diploma & Certificate Levels

Semester & FYP Papers

Summative & Individual

GBA & Reflective

Last Minute Assistance

Sample Assignment Download

CSC563 Artificial Intelligence Programming Paradigms Assignment Malaysia
Artificial intelligence is the future of programming. Artificial beings with artificial intelligence are going to take over our world, but you can be part of it if your skills in…
Computer & It
TPT457 Principles And Practices In Transport Assignment Example UiTM Malaysia
The course offers an in-depth approach to understanding the fundamentals and practices of transportation. It enables students not only to comprehend how it works but also its advantages over other…
Business

UP TO 15 % DISCOUNT

Instant Paper Writing Services by Native Malaysia Writers

Plagiarism Free Solutions
100% Original Work
24*7 Online Assistance
Native PhD Experts
Hire a Writer Now

Get Assistance for Assignments, online Exam, and Projects Writing