SBSC3183 TAXATION 2 BASIS PERIOD

Discuss the importance of accurate basis period calculation in determining tax liabilities.

• Inaccurate basis period calculation leads to higher tax liabilities

• Basis period calculation has no impact on tax liabilities

• Tax liabilities are not affected by accurate basis period calculation

• Accurate basis period calculation ensures proper assessment of taxable income and prevents errors in tax liabilities.

Operation is defined as the following, except

• the carrying on of a business in Malaysia

• the making of investments prior to the commencement of a business

• the making of profit prior to the commencement of a business

• the carrying on of a business outside Malaysia

Suci Murni Bhd. which normally closes its accounts on 28 February every year, changes the accounting period to 31 December in the year of assessment 2023. Basis period for the year of assessment 2023 is:

• 1.3.2022 - 28.02.2023

• 1.3.2023 - 31.12.2023

• 1.3.2022 - 31.12.2023

• 1.1.2023 - 31.12.2023

A company has been in operation for several years and makes up its accounts ending on 30 September each year. The company starts a new operation on 1.6.2023. The basis period for the new operation for the year of assessment 2023

• 1.6.2023 to 30.9.2023

• 1.10.2023 to 30.9.2023

• 1.6.2022 to 30.6.2023

• 1.6.2023 to 30.6.2024

Baru Maju PLT commenced operations on 1.8.2023 and the first

accounting period ends on 31.12.2023. Baru Maju PLT should furnish Form CP204 for YA

2023 not later than

• 31.10.2023

• 1.8.2023

• 30.6.2023

• Baru Maju PLT is not required to furnish an estimate of tax

  payable for the YA 2023

Sinar Emas Sdn Bhd has furnished an estimate of tax payable of RM80,000 for YA 2023. In the 6th month of the basis period, the company revised the estimate of tax payable to RM200,000. The company paid actual tax payable of RM210,000 for the YA2023. Sinar Emas Sdn Bhd has to furnish an estimate of tax payable of not less than _____________for the YA2024.

• RM68,000

• RM178,500

• RM170,000

• RM200,000

CP204A may be furnished to the

Director General in the following month in the basis period, except

• 6th

• 9th

• 6th and 9th

• 30 days before beginning of the basis period

Along Sdn. Bhd. commenced business on 1.2.2023 and submitted its accounts as at 31.12.23. What is the basis period for the year of assessment 2023?

• No basis period

• 1.2.2023 - 31.12.2023

• 1.1.2023 - 31.12.2023

• 1.2.2023 - 31.12.2024

Cabaran Dunia Sdn Bhd changes the close of its accounting period

from 31 December to 30 June in the Year of Assessment 2023. Form CP204B must be submitted to the DGIR on or before

• 30.11.2023

• 1.12.2023

• 31.5.2023

• 30.5.2023

Kalau Sdn Bhd (KSB), a tax resident, has been in operations for many years and closes its accounts on 31 May annually. Due date for submission of its tax return for the year of assessment 2023 is

• 30.4.2024

• 30.6.2024

• 31.12.2023

• 31.12.2024