Dear
Entrepreneur, please check that whether your yearly total turnover (sales) is
achieving to an amount of RM500,000? Or the
total turnover from all sources of business (if you selling furniture, part-time distributing newspaper, repairing
electrical equipment, providing renovation services & etc.) for last 12
months is more than RM500,000, you are
mandatory to be register.
A late
registration penalty of not more than twenty five percent will also be imposed
on the unpaid tax due. If the person refused to be registered, he shall be
liable to a fine not exceeding RM50,000 or to imprisonment for a term not
exceeding three (3) years or to both.
RM500,000 is an
amount that the monthly sales of RM41,000. Or in more physical thought, an
average living cost may goes to RM40K a year, business profit margin is average
on 30% of turnover. A cooper operating a business with one to two staff, they
need a turnover of RM533,333 to survive (RM40K/30% x 4).
Note:
Thanks for your time spending with me to read on my thought, for continue
reading, please refer to my topic E0. End topic: Actions you need to prepare
for GST implementation.
If you face any problem or issues either related to direct tax (income tax) or indirect tax (GST, import duty, sales tax, service tax & etc) you are most welcome to contact me. I would only charge my friend the mobilization fees (if necessary) base on the business size and time spend.