1 bajet 2010 lembaga hasil dalam negeri malaysia bajet 2010 © lembaga hasil dalam negeri malaysia
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BAJET 2010
LEMBAGA HASIL DALAM NEGERI MALAYSIA
BAJET 2010 © LEMBAGA HASIL DALAM NEGERI MALAYSIA
2
PART 4
AMENDMENTS TO REAL PROPERTY GAINS TAX
ACT 1976
BAJET 2010 © LEMBAGA HASIL DALAM NEGERI MALAYSIA
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Submission of Return
Current provision – sec 13Disposer • CKHT1 – within 1 month from date of
disposalAcquirer • CKHT2 – within 1 month from date of
disposal
Proposal• CKHT1 & 2 – within 60 days from date of
disposal wef 01/01/2010
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Retain & Pay Part of Consideration
Current provision – sec 21B, 24, 52, 53 & 55• acquirer – retain amount ≤ 5% from consideration• DG – requisition to acquirer– pay whole / part sum retained– within time specifiedProposal • acquirer – retain & pay to DG ≤ 2% from
consideration – within 60 days from disposal date– 10% increased for non-compliance• requisition – not applicable
wef 01/01/2010
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Chargeable Gains & Allowable Losses
Current provision – sec 7 Disposal of chargeable asset – • tax relief = allowable losses @ appropriate rate• deduction from total tax assessed • unabsorbed tax relief – c/f
Proposal• tax relief – replaced by allowable losses•allowable losses – reduced from chargeable gains• unabsorbed allowable losses – c/f
wef 01/01/2010
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Incidental Costs & Exemptions
ProposalIncidental costs - subsubpara 6(c) Sch 2• acquisition price excludes interest paid on
capital employed
Exemption for individuals – para 2, Sch 4 • Increased from RM5,000 to RM10,000 or
10% of chargeable gain; whichever is greater
wef 01/01/2010
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Savings & Transitional Provision
Proposal
Tax relief• unabsorbed till YA 2007 (ending
31/03/07)
deduction from total tax assessed from YA 2010 till fully utilized
wef 01/01/2010
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Rates of Tax
Current provision – part 1, Sch 5
wef 01/01/2010
Category of DisposalRates of Tax
Current ProposalDisposal within 2 years after the date of acquisition
30% 30%
Disposal in 3rd year after the date of acquisition
20% 20%
Disposal in 4th year after the date of acquisition
15% 15%
Disposal in 5th year after the date acquisition
5% 5%
Disposal in 6th year after the date acquisition
Nil 5%
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RPGT Exemption Order
Proposalrevoke P.U. (A) 146/2007• disposal – on or after 01/01/10 • amount of chargeable gain exempt from tax:
A x CB
A – chargeable gain @ appropriate rate – chargeable gain @ 5%
B – chargeable gain @ appropriate rateC – chargeable gain
wef 01/01/2010
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Chargeable Gains & Allowable Losses
Example 7 (refer Appendix 1)
YA 2010 RM
i) Consideration received 1,000,000
Deduct: renovation + incidental cost 261,400
Disposal price as at 10/02/2010 738,600
Less: Consideration paid on acquisition + transfer cost
1,024,000
Deduct: insurance compensation (62,600)
Acquisition price as at 15/04/2005 (961,400)
Allowable losses c/f (222,800)
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Chargeable Gains & Allowable Losses
YA 2010 RM
ii) Consideration received (Disposal part of larger chargeable asset. Sch. 4 exemption not given)
800,000
Deduct: incidental cost (10,000)
Disposal price as at 10/08/2010 790,000
Less: acquisition price as at 15/04/2006 (600,000)
190,000
Less: allowable losses (restricted) (190,000)
Chargeable gain (CG) to be taxed Nil
Allowable losses c/f (32,800)
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Chargeable Gains & Allowable Losses
YA 2012 RM
Disposal price as at 30/04/2012 2,000,000
Less: acquisition price as at 16/04/2010 (1,000,000)
Gain 1,000,000
Less exemption: RM10,000 or 10% of CG (Sch. 4) (100,000)
Chargeable gain 900,000
Less: allowable losses b/f (32,800)
867,200
Less: amount of CG to be exempted [ EO – 3rd year @ 20%]
[(867,200 x 20%) – (867,200 x 5%)] x 867,200 (867,200 x 20%)
(650,400)
Chargeable gain to be taxed 216,800
Tax payable: 216,800 @ 20% 43,360
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Certificate of Clearance
Current provision – sec 21A• certificate issued – disposer & acquirer• CKHT 4 – full payment on tax assessed• CKHT 5 – not liable to tax
Proposal• certificate of non-chargeability – disposer• cases not liable to tax
wef 01/01/2010
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Electronic Medium
Proposal – new sec 57A
Any prescribed form • furnished via – electronic medium– electronic transmission
• Condition & specifications - determined by DG
wef 01/01/2010
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Admissibility of Electronic Record
Proposal – new sec 48A• electronic medium – process where data, text,
images or any other information is stored, received or communicated by electronic, magnetic, optical, imaging or other data processing device
• prescribed form/documents –transmit to DG by electronic medium
• copy/print-out of electronic record – admissible as evidence in court
wef 01/01/2010
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TERIMA KASIH
BAJET 2010 © LEMBAGA HASIL DALAM NEGERI MALAYSIA
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