Answered: Malaysian Distributor/ Foreign Service…

Malaysian Distributor/ Foreign Service End-User Provider STODS 6% Reseller Service Tax 6% V Pay FSP 6% V RC Exemption V Refund Offsest

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Title : Starting 1 January 2020, the government began imposing a digital services tax (DST) of six per cent on foreign digital service providers (FSPs) in Malaysia.

Please help me based on the given title, please refer to picture discuss and explain what you understand from the process

Malaysian
Distributor/
Foreign
Service
End-User
Provider
STODS 6%
Reseller
Service Tax 6%
V Pay FSP 6%
V RC Exemption
V Refund Offsest
© 2020 Deloitte Tax Services Sdn Bhd
Service Tax on Foreign Digital Services
10

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