VIDEO ASSIGNMENT TAX267 GROUP 1 JAC1104B

By tax267gpassignment | Updated: Jan. 20, 2024, 7:53 a.m.

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Meet
Name Three
Teams
Our
NAJIA
AISHA
SOFEA
ARISYAH
2022935491
2022130033
2022191889
2021111841
Meet
Teams
Our
NAJIA
2022191889
 ( Speaker 1 )
Amisya, a sole proprietor, has been operating in the restaurant industry since 2020. 
She received an installment payment notice from Malaysian Inland Revenue Board stating that she is required to pay RM12,000 each installment for the year of assessment 2023. 
GMEET
.
After a few months, she requested a revision of the installment in order to decrease the amount of installment.
Meet
Teams
Our
AISHA
2022935491
 ( Speaker 2 )
Under the Malaysian tax regime, a taxpayer pays income taxes on a ‘Pay-As-You- Earn” basis. Discuss the method of tax payment based on the Income Tax Act 1967 that isapplicable to Amisya.
In Malaysia, the 'Pay-As-You-Earn' (PAYE) system, also known as the Monthly Tax Deduction (MTD) system, is applicable to individuals, including sole proprietors like Amisya. The PAYE system is designed to ensure that taxpayers meet their income tax obligations progressively throughout the year. Here's an overview of how the PAYE system works under the Income Tax Act 1967
Amisya, a Malaysian citizen, is required to pay RM12,000 in monthly installments for the 2023 assessment year. The IRB calculates the amount based on her estimated annual income. 
If she requests a revision, she must submit a request to the IRB, which may require supporting documentation. The IRB will review the request and may approve a reduction if the original amount was overestimated. 
Amisya must maintain clear communication with the IRB to ensure accurate tax calculations. Overpayments or underpayments will be adjusted during the final settlement process.
SOFEA
 ( Speaker 3 )
2021111841
Teams
Meet
Our
What are the process for applying to revise an installment ? 
Amisya needs to apply for a revision of her installment payments to the Malaysian Inland Revenue Board (IRB), requesting a decrease in the amount. 
She must provide supporting documentation and justification, including changes in business circumstances or lower-than-expected income projections. 
The IRB will review the request and, if reasonable, approve the change. A successful revision would require lower monthly payments, aligning tax payments with the business's financial reality.
Amisya must adhere to deadlines and provide accurate information to avoid penalties and interest charges.
2022130033
Teams
Meet
ARISYAH
 ( Speaker 4 )
Our
What are Amisya's responsibilities regarding the balance of actual income tax payable after submitting the tax return for the year of assessment 2023 ?
Amisya must pay the remaining RM8,000 balance, which is the difference between her total tax liability and installments already paid. 
Failure to do so could result in penalties and interest charges from the Malaysian Inland Revenue Board (IRB). 
If she faces difficulties, she should communicate with the IRB and consider a suitable payment plan.
The IRB may consider alternative payment plans based on her circumstances. Accurate records of her tax payments and communication with the IRB are crucial for future reference and audits.
Name Three
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VIDEO ASSIGNMENT TAX267 GROUP 1 *JAC1104B*

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VIDEO ASSIGNMENT TAX267 GROUP 1 JAC1104B