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Understand the Penalty
Wrong GP or
Wrong Stock Value with Penalty Calculation for Sdn Bhd.
Non Sdn
Bhd would follow their tax rate respectively.
(i) Standard
Example
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|
Product A
& B |
Monthly
Sales |
|
|
Sales |
|
350,000 |
29,167 |
|
Opening Stock |
0 |
|
|
|
Purchase |
300,000 |
|
|
|
Closing Stock |
(65,000) |
(235,000) |
|
|
|
|
115,000 |
|
|
|
|
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|
GP % |
|
33% |
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(ii) Assume Gross Profit (GP) Penalty,
excluded un-claimable expenses penalty.
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|
Example 1 |
Example 2 |
Example 2 + GP 1% |
|
Monthly Sales in RM |
29,167 |
291,670 |
291,670 |
|
GP % should be |
35 |
35 |
36 |
|
Penalty GP in % |
2 |
2 |
3 |
|
|
|
|
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Gross Profit should be |
122,500 |
1,225,000 |
1,260,000 |
|
Penalty RM |
7,500 |
75,000 |
110,000 |
|
|
|
|
|
|
20% Tax |
1,500 |
15,000 |
22,000 |
|
45% Penalty |
675 |
6,750 |
9,900 |
|
Tax Payable Per Year RM |
2,175 |
21,750 |
31,900 |
|
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Normally Audit 5 years |
RM10,875 |
RM108,750 |
RM159,500 |
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(iii) For un-claimable expenses.
A mistake of expenses for RM10,000 yearly, or RM833 monthly
10,000 x 20% tax = 2,000
Penalty 45% = 900
For 5 years penalty = 2,900 x 5
years = RM14,500