Sales Tax Act 1972 (Act 64) & Regulations (As At 10th September 2013)

RM19.69 RM22.50 you save RM2.81
 
 
 

Sales Tax Act 1972 (Act 64) & Regulations

(As At 10th September 2013)

Detailed Contents of Sales Tax Act 1972 (Act 64):

In Malaysia, the Sales Tax Act 1972 (Act 64) is a significant piece of legislation that governs the imposition of sales tax on specific goods and services that are sold or given domestically. The Act was initially presented in 1972, and since then, it has undergone a number of revisions to keep up with the evolving economic environment. Further information regarding the application of the Act is provided in the Sales Tax Regulations (as of September 10, 2013).

Summary of the Sales Tax Act of 1972

The Sales Tax Act of 1972 stipulates that certain goods and services in Malaysia must be taxed when they are sold or provided. The maker, producer, or importer of the goods or services is subject to the tax, which is often transferred to the final customer.

The term "taxable goods" is used in the Act to refer to any of the goods listed in its First Schedule, which includes things like alcoholic beverages, tobacco products, motor vehicles, and particular luxuries. The Act also allows for the imposition of a tax on a number of services listed in its Second Schedule, such as lodging and food and drink.

The Finance Minister sets the sales tax rate, which might change depending on the kind of products or services being offered or sold. A proportion of the value of the products or services is typically how the tax is calculated.

In certain instances, such as for exports, products or services supplied to the government, and specific medical supplies, the Act also offers exemptions and reliefs from sales tax.

Sales Tax Rules Overview

Further instructions for carrying out the Sales Tax Act of 1972 are provided in the Sales Tax Regulations. The Rules offer comprehensive information on issues like sales tax registration, record-keeping specifications, and the computation and payment of sales tax.

The Rules also include instructions on how to handle specific transactions, including sales, presents that are not required to be returned by the customer, and discounts. Also, they allow for the repayment of sales taxes in specific situations, such as when exporting products.

The Regulations also outline measures for audits, investigations, and penalties for non-compliance in order to enforce the Act.

Conclusion

The legal foundation for the imposition of sales tax in Malaysia is provided by the Sales Tax Act 1972 (Act 64) and the Sales Tax Regulations. The Act and Regulations are crucial tools for encouraging government revenue creation and ensuring that people and corporations follow the law regarding taxes. To ensure compliance and prevent fines for non-compliance, it is crucial for firms operating in Malaysia to be conversant with the terms of the Act and Regulations.

Find more statutes like Sales Tax Act 1972 (Act 64): Statutes

 

ISBN: 9789678924214
 
 

Latest releases

Get your copy today!
Bowstead & Reynolds On Agency, 23rd Edition | 2023
Bowstead & Reynolds On Agency, 23rd Edition | 2023
Save RM370.80
De Smith's Judicial Review, 9th Ed | 2023
De Smith's Judicial Review, 9th Ed | 2023
Save RM256.68
Malaysia's Largest Authorised Premium Reseller