Form R 2012 Explanatory Notes - Lembaga Hasil Dalam Negeri

More documents

Recommendations

Info

Form R 2012 Explanatory NotesSelf Assessment SystemItem Subject ExplanationA6Tax deducted ordeemed deductedfrom dividendspaid during thebasis period forYear of Assessment2012 by the companyENTITLED to makethe tax deductionAmount from Column (c) in Part B of this Form.Tax deducted from dividendsThe amount for taking into account is the amount of tax deducted at the current tax rate forcompanies.Tax deemed deducted from dividendsThis situation arises when:-(i)(ii)tax is not deducted from dividends, from which the company is entitled to deducttax;there is a revision in the tax rate for companies (referred to as the ‘revised rate’) andtax is deducted from dividends at a rate which is not the revised rate or tax is notdeducted from dividends, from which the company is entitled to deduct tax.Under any of the above situation, the amount of dividend paid to the shareholder shall bedeemed to be dividend of such gross amount as determined in accordance with the formula:-1( 1 - A )xBwhere: A =The rate applicable [to situation (i) above]orThe revised rate applicable [to situation (ii) above]to the company at the time of payment of dividend; andB=The amount in fact paid.and a sum equal to the difference between the gross amount and the amount in B in theabove formula shall be deemed to have been deducted from the dividend as tax.Circumstances where the company is ENTITLED to deduct tax from dividendsPursuant to the Saving and Transitional Provisions of Finance Act 2007 (Act 683), a companyis entitled to deduct tax at the rate applicable to the company at the date the dividend is paidto the shareholders if:-.*the dividend is paid at any time during the basis period for Y/A 2012;the company has 108 balance / revised 108 balance on the day before the dividend ispaid;the dividend is deemed to be derived from Malaysia by virtue of section 14 of ITA 1967;andthe dividend shall consist of dividend paid in cash in respect of ordinary shareholding*.‘Ordinary shareholding’ means:holding of share other than share which carries only a right to any dividend which is ofa fixed amount or at a fixed rate per cent of the nominal value of the shares, or at afixed rate per cent of the company’s profits.9
Form R 2012 Explanatory NotesSelf Assessment SystemItem Subject ExplanationA7Revised 108 balancecarried forwardIf the amount of revised 108 balance brought forward ( Item A1 ) exceeds:[ ( amount in Item A5 ) + (amount in Item A6 ) ],show the result of the computation in this Item.Example 13:After deducting the amounts in Item A5 and Item A6, the company has a revised 108balance of RM7,543,128.23 to be carried forward.(a)(b)If the company does not exercise the option to disregard its revised 108 balance,enter code ‘1’ and the relevant amount as follows:-! 1 >_>>_>>_>?,7,5 4 3,1 2 8.2 3(Indicate ‘1’ or ‘2’ whichever is applicable)If the company opted to disregard its revised 108 balance, then code ‘2’ and therelevant amount has to be entered as follows:-! 2 >_>>_>>_>?, 7 , 5 4 3 , 1 2 8 .2 3(Indicate ‘1’ or ‘2’ whichever is applicable)Revised 108balancedisregardedIf the amount of revised 108 balance disregarded ( Item A1 ) exceeds the totalreduction in credit ( Item A5 ), the amount of difference is shown here.Example 14:After deducting the amount in Item A5, the company has a revised 108 balancedisregarded of RM36,220.86. Enter as follows in the boxes provided:-! 2 >_>>_>>_>?, , 3 6 , 2 2 0 .8 6(Indicate ‘1’ or ‘2’ whichever is applicable)ORSimilar case as per Example 11(b).REMINDER:Revised 108 balance disregarded ( Item A1 ) CANNOT be utilized to offset taxdeducted / deemed deducted from dividends ( Item A6 ).‘Date disregarded’ for revised 108 balance disregarded (Item A7) can be entered inItem A1 of the Form R 2013 later on.A8Debt due toGovernmentThis arises when:-[ (amount in Item A5 ) + (amount in Item A6 ) ] exceeds [ amount of revised 108 balancebrought forward ( Item A1 ) ]OR( Amount in Item A5 ) exceeds amount of revised 108 balance disregarded ( Item A1 )The amount of excess which is a debt due to the Government shall be payable by thecompany on or before the ‘due date’ i.e. the last day of the seventh month from the datefollowing the close of the company’s accounting period.10
Page 2 and 3: Form R 2012 Explanatory NotesSelf A
Page 12: Form R 2012 Explanation NotesSelf A

Form R 2012 Explanatory Notes - Lembaga Hasil Dalam Negeri

Create successful ePaper yourself

Delete template?

Save as template?