QUESTION 1 Malaysia adopts fully the self-assessment system since 2004, where taxpayers are responsible for computing...

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QUESTION 1 Malaysia adopts fully the self-assessment system since 2004, where taxpayers are responsible for computing their own chargeable income and tax payable, and make payment of any balance of tax due within the stipulated time. As to this date, the system has been well accepted by taxpayers. The tax collection is seen as improving every year, from approximately RM75 billion in year 2004 to RM185 billion in year 2017. Latest statistics shown of approximately RM161 billion of total tax collected in year 2021, slightly lower due to challenges environment and pandemic Covid 19 affecting the economy worldwide. Required: a) Explain the self-assessment system in Malaysia, especially in the area of the taxation for individual taxpayers. (10 marks) b) Study and explain your group's opinion on the significant of tax in Malaysia, during pre, current and post pandemic Covid 19? Suggest for improvement on the current taxation system, focusing on individual taxpayer needs in Malaysia scenario. (10 marks) [Total: 20 marks] QUESTION 1 Malaysia adopts fully the self-assessment system since 2004, where taxpayers are responsible for computing their own chargeable income and tax payable, and make payment of any balance of tax due within the stipulated time. As to this date, the system has been well accepted by taxpayers. The tax collection is seen as improving every year, from approximately RM75 billion in year 2004 to RM185 billion in year 2017. Latest statistics shown of approximately RM161 billion of total tax collected in year 2021, slightly lower due to challenges environment and pandemic Covid 19 affecting the economy worldwide. Required: a) Explain the self-assessment system in Malaysia, especially in the area of the taxation for individual taxpayers. (10 marks) b) Study and explain your group's opinion on the significant of tax in Malaysia, during pre, current and post pandemic Covid 19? Suggest for improvement on the current taxation system, focusing on individual taxpayer needs in Malaysia scenario. (10 marks) [Total: 20 marks]

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Answer a The selfassessment system in Malaysia requires individual taxpayers to compute their own ch... View the full answer