Page 31 - Spotlight A+ Form 4 & 5 Mathematics KSSM

Form
5 Mathematics Chapter 4 Consumer Mathematics: Taxation

2. D Quit rent
1. Besides property assessment tax, property
Fine of RM1 000 owners also need to pay quit rent.
up to RM10 000
Make omission or imprisonment 2. Quit rent is a tax that is levied on private land.
on any income or both and
in Income Tax penalty of 200% 3. Quit rent is paid by the landowner to the state
Return Form of the underpaid authority through the State Land Office.
(ITRF) taxes (Income Tax
3. ©PAN ASIA PUBLICATIONS
Act 1967 (Act 53) 4. Consequences faced by the landowner for failing
Section 113(1)(a)) to pay quit rent:
• Arrears will be charged in addition to quit
Income rent.
tax • Notice of claim will be issued. If quit rent is
not settled within 3 months from the notice of
Fine of RM200 instruction, the land may be seized (National
up to RM20 000 Land Code 1965 Section 100).
Failure to submit or imprisonment
annual report if of not exceeding E Sales tax
eligible for tax 6 months or both 1. Sales tax is levied on final goods that are sold
payment (Income Tax Act
CHAP. 1967 (Act 53) by domestic firms and imported goods from
4 Section 112(1)) abroad.

2. Sales tax is a level of indirect tax that is
administered by the Royal Malaysian Customs
B Road tax Department through the provision of the Sales
Tax Act 2018.
1. Motor vehicle owner must pay road tax before
the vehicle is legally allowed to drive on the road. 3. Sales Tax Registration Threshold when the firm’s
sales value exceeds RM500 000 per year.
2.
Vehicle owners
Motor vehicle can be fined of not 4. Sales tax is set at various rates, i.e. 5% or 10%.
owners who fail to exceeding RM2 000
renew the expired in accordance with 5. However, not all goods that are manufactured in
road tax (no the Road Transport Malaysia are subject to sales tax.
insurance) Act 1987 (Act 333)
Section 23(1) 6. Consequences faced by the business firms/
companies if evading from paying sales tax:

C Property assessment tax First offence of tax evasion

1. Property assessment tax is levied on properties
such as industrials and vacant lands. Minimum fine of 10 times up to 20 times
2. Property assessment tax is also known as the amount of sales tax or imprisonment of
assessment rate. not exceeding 5 years or both (Sales Tax Act
2018 (Act 806) Section 86(1) and 86(2)).

Property owners who Property will
do not pay property be seized or
assessment tax auctioned

286 4.1.2

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