With Gst Businesses Can No Longer Under Declare Their Income



(FMT) – Some business owners had opposed the goods and services tax (GST) in the past as it clamped down on their practice of not documenting transactions and disclosing profits, said a tax expert.
Veerinderjeet Singh, chairman of Tricor Malaysia, noted that businesses would have had to declare their income tax and profits, which would be avoidable without GST.
“Businesses which had not been paying income tax, especially small businesses, have to come forward and declare their income taxes if they want to be registered under the GST. They don’t have much of a choice,” he said.
Veerinderjeet said the accounting records provided by the GST system meant the customs department could audit transactions from the retailer to the manufacturer, as invoices would be filed for output and input tax.
Unlike the GST, the sales and services tax (SST) system enabled tax evasion as it entrusted only one stage of the supply chain to charge the tax and pay it to the authorities, he said.
“If only one particular segment is required to charge a tax and pay to customs, it’s unreliable because manufacturers or retailers who are supposed to charge the tax may not bother charging it, or say they’re charging but don’t pay it to the customs,” he said.
Revealing the black economy
Chartered accountant Appadu Rao Santhariah said the GST’s “invoice-based system” and start-to-end traceability would reveal the income earnings of those who had not disclosed it previously.
“In Malaysia, the black economy is estimated at around RM300 billion, where goods and services purchased or sold are not accounted for anywhere. There are no invoices or records. In other words, it’s escaping the income tax net,” he said.
The black economy is where the exchange of goods and services is hidden from official view, and range from unreported income from self-employment to illegal activities such as gambling or smuggling goods.
“With GST, businesses have to declare income tax because the customs department can review the businesses’ turnover and compare it with the income tax turnover. There is a higher risk of being audited,” he said.
He said this was evident in the increase in companies registered with the authorities after GST was implemented, which spiked from about 122,000 in 2012 to 495,000 in 2018.
Consumption tax based on choice
On another note, both tax experts agreed that while the wealthy would not necessarily pay more taxes under the GST system, it would depend very much on their consumption level.
“If they buy expensive luxury goods, they will pay more GST. But in terms of basic goods, the rich and the poor pay the same amount. Consumption is a choice, so it doesn’t necessarily mean they will spend more money,” said Appadu.
On Monday, Umno Supreme Council member Isham Jalil claimed that the wealthy had pushed for the abolition of the GST through intense political lobbying after the last general election (GE14), as they could avoid paying taxes under the SST system.
 


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

https://www.malaysia-today.net/2022/07/02/with-gst-businesses-can-no-longer-under-declare-their-income/

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
People Vote With Their Stomachs

People Vote With Their Stomachs

papar berkaitan - pada 23/6/2022 - jumlah : 326 hits
And why would a new Umno government be better than the current Umno government Is lunacy not defined as doing the same thing while expecting a different result Logic tells us if you want a different result then you must vote for a different...
Hrdc Has No Business Teaching Businesses How To Spend Their Money

Hrdc Has No Business Teaching Businesses How To Spend Their Money

papar berkaitan - pada 26/6/2022 - jumlah : 233 hits
From Roslan SharifI refer to your news dated June 24 entitled HRD Corp clears the air on micro credential fee To quote the HRD Corp chief executive officer s posting on LinkedIn The imposition of the RM300 fee per employee for each training...
Feel Beautiful At Every Age With This Powerful Trio Of Products That Can Help Yo

Feel Beautiful At Every Age With This Powerful Trio Of Products That Can Help Yo

papar berkaitan - pada 1/7/2022 - jumlah : 234 hits
Feel beautiful at every age with this powerful trio of products that can help you age with grace YOUTH SPF 30 Nourish your skin and protect against UVA UVB rays pollutants and free radicals Vivix Slow Aging at the Cellular Level with a natu...
How Pinterest Can Help You With Your Outdoor Wedding

How Pinterest Can Help You With Your Outdoor Wedding

papar berkaitan - pada 21/6/2022 - jumlah : 220 hits
If you are planning your wedding and you want the celebration to be outdoors these ideas from social networks will give you all the inspiration you need to make the decoration unforgettable Spring summer The post appeared first on
Can You Get A Car With Bad Credit

Can You Get A Car With Bad Credit

papar berkaitan - pada 8/7/2022 - jumlah : 318 hits
For many drivers getting a car on finance with bad credit can be worrying If you ve already been refused car finance due to a low credit score you may be wondering if you ll ever be able to get a car It s a common misconception that having ...
Chicken Breeders Can Take Advance Subsidy Payments Says Minister

Chicken Breeders Can Take Advance Subsidy Payments Says Minister

papar berkaitan - pada 8/7/2022 - jumlah : 310 hits
Small and medium scale chicken breeders are allowed to take advance payments of chicken price subsidy as one of the ways to ensure the supply of chicken in the market remains stable Annuar Musa announced The communications and multimedia mi...
Can We Pendatang Be Part Of Keluarga Malaysia

Can We Pendatang Be Part Of Keluarga Malaysia

papar berkaitan - pada 7/7/2022 - jumlah : 260 hits
The textbook definition of a family is a group of one or more parents and their children living together as a unit In my family although I am the eldest my parents have made it abundantly clear that they have no favourite My younger brother...
Where Pkr Can Take A Leaf From Umno

Where Pkr Can Take A Leaf From Umno

papar berkaitan - pada 9/7/2022 - jumlah : 223 hits
From Terence NettoPKR began as an Umno splinter in the late 1990s Sure it began as Parti Keadilan Nasional before it morphed into Parti Keadilan Rakyat But still it was an Umno splinter before it evolved into a multiracial party determined ...
Dr Wee Producing Graduates Who Can Contribute Is Important To Mca

Dr Wee Producing Graduates Who Can Contribute Is Important To Mca

papar berkaitan - pada 9/7/2022 - jumlah : 165 hits
Transport Minister cum Chairman of the Board of Trustees of TARC Education Foundation Datuk Seri Wee Ka Siong and Chairman of the Board of Governors of TAR UC Tan Sri Liow Tiong Lai having a group photograph after launching the TAR UMT 10 Y...
Banjir Rakyat Asing Di M Sia Apa Teruk Sangat K Jaan Ni

Rasa Masakan Korea Soondubu Jigae Beef Di Dubuyo

China S President To Host Official Dinner For Anwar

I Bought A Toy Like Vape Online Mp Tells Dewan Chamber

The Upsides Of Saying Sorry

Drama One Cent Thief 2 Lakonan Syafiq Kyle Azira Shafinaz

Tip Mudah Santan Berketul Jadi Elok Semula Letak Sehelai Daun Ini Saja

Unlocking Savings Expert Tips For Finding Discounted Cigarettes In Australia


echo '';
Biodata Terkini Penyanyi Illa Sabry Peserta Gegar Vaganza 2024 Musim 11 GV11

Info Dan Sinopsis Drama Berepisod Senyawa iQIYI Malaysia

Info Dan Sinopsis Drama Berepisod Project Projek Exit Astro Originals

Pelajari Asal Usul Nama Makhluk Seram Kisah Fiksyen Barat Yang Terkenal

10 Fakta Filem Kahar Kapla High Council Yang Ramai Tak Tahu Prekuel Drama Project Projek High Council


Ringo Dan Sarang Yang Hilang Kepentingan Pokok Untuk Kelangsungan Hidup Burung Enggang

Frozen Zoo Teknologi Terkini Dalam Pemuliharaan Hidupan Liar Terancam Di Malaysia

Separuh Akhir Muzik Muzik 39

Helter Skelter Memori Mardiana Chord

Caffeine Aku Takkan Memiliki Chord

Keluar Sekejap Kerugian Fashionvalet Kartel Nafas Rangkaian Kedua 5g Buli Upnm