Q2 (a) On 7 June 2022, Yuna Sdn Bhd (Yuna), a Malaysian tax resident company, registered for sales tax and imported taxable goods equivalent to RM400,000 for its business from a supplier in Thailand. The goods imported were subject to import duty of 10% and sales tax of 10% On 14 August 2022, Yuna issued an invoice for RM180,000 for the supply of manufactured goods (jackfruit juices) to Jojo Supermarket Sdn Bhd received the full payment on 6 November 2022. The sales tax rate on jackfruit juices is 5% Required: (i) Calculate sales tax payable for Yuna Sdn Bhd on the goods imported. (ii) Briefly explain how it would be different from (a) (i) if Yuna Sdn Bhd was not registered for sales tax purposes. (iii) Calculate the Yuna Sdn Bhd sales tax payable and the total invoice amount on the sale of goods. (iv) State in which taxable period the sale by Yuna Sdn Bhd should be accounted for, and state the due date to remit the sales tax to the Royal Malaysian Customs Dept.
Q2 (a) On 7 June 2022, Yuna Sdn Bhd (Yuna), a Malaysian tax resident company, registered for sales tax and imported taxable goods equivalent to RM400,000 for its business from a supplier in Thailand. The goods imported were subject to import duty of 10% and sales tax of 10% On 14 August 2022, Yuna issued an invoice for RM180,000 for the supply of manufactured goods (jackfruit juices) to Jojo Supermarket Sdn Bhd received the full payment on 6 November 2022. The sales tax rate on jackfruit juices is 5% Required: (i) Calculate sales tax payable for Yuna Sdn Bhd on the goods imported. (ii) Briefly explain how it would be different from (a) (i) if Yuna Sdn Bhd was not registered for sales tax purposes. (iii) Calculate the Yuna Sdn Bhd sales tax payable and the total invoice amount on the sale of goods. (iv) State in which taxable period the sale by Yuna Sdn Bhd should be accounted for, and state the due date to remit the sales tax to the Royal Malaysian Customs Dept.
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