 |
.
Ministry of Finance
Revenue Division
PAYMENT OF TAX
About Payment of Tax
About Payment of TaxTax shall be paid within two months
after the service of the Notice of Assessment (S. 70)
Method of Payment
- Tax should be paid using cash or cheques to
the Collector of Income Tax, Brunei Darussalam.
- All cheques must be crossed and paid to "GOVERNMENT OF
BRUNEI DARUSSALAM".
Penalty of Late Payment
- If tax is not paid within
30 days, a
penalty of 5 percent of the amount of tax shall be imposed (S
72(1(a))).
- An additional penalty of 1% of
the tax outstanding shall be payable for each completed month of the
tax remains unpaid but the total additional penalty shall not exceed
12%.
Procedure for Payment of Tax
Specimen Tax Computation
DETAILED PROFIT & LOSS ACCOUNT Sch A
FOR THE YEAR ENDED 31 MARCH 1998
YEAR OF ASSESSMENT 1999
|
| Sales |
|
|
50,000,000 |
| Less:
Cost of Sales |
|
|
(39,000,000) |
| Gross
Profit |
|
|
11,000,000 |
| Add:
Other Income |
|
|
700,000 |
| Less :
Overhead Expenses |
|
|
|
|
Advertising |
|
187,000 |
|
|
Depreciation |
|
1,592,000 |
|
|
Donation |
|
3,000 |
|
|
Management fee |
|
2,500,000 |
|
Profit on Disposal of
fixed asset |
|
(20,000) |
|
|
Rent |
|
200,000 |
|
|
Salaries |
|
3,000,000 |
|
|
General Expenses |
|
1,000,000 |
8,462,000 |
| |
|
|
|
| Profit
for the year |
|
|
3,238,000 |
INCOME
TAX COMPUTATION Sch B
YEAR OF ASSESSMENT 1999 |
| Profit for the year (Sch A) |
|
|
| Add : |
Non Deductible Expenses |
|
3,238,000 |
| |
Depreciation |
1,592,000 |
|
| |
Donation |
3,000 |
|
| |
Profit on disposal of fixed asset |
(20,000) |
1,575,000 |
| Adjusted Profit |
|
4,813,000 |
| Less : |
Capital Allowance for
the year (Sch C) |
|
| |
Initial Allowance |
172,600 |
|
| |
Annual Allowance |
622,700 |
|
| |
Balancing Allowance |
200,000 |
995,300 |
| Chargeable Income |
|
3,817,700 |
| Tax 30% |
|
1,145,310 |
COMPUTATION OF CAPITAL ALLOWANCE Sch
C
YEAR OF ASSESSMENT 1999 |
| |
|
Furniture &
Fittings |
Office Equipment |
Motor
Vehicle |
Computer |
Total |
1 |
Initial Rate |
20% |
20% |
20% |
20% |
|
2 |
Annual Rate |
5% |
10% |
20% |
25% |
|
3 |
Written down value b/f |
1,580,000 |
3,200,000 |
470,000 |
21,000 |
|
4 |
Additions |
154,000 |
139,000 |
300,000 |
270,000 |
|
5 |
Disposal |
25,000 |
234,000 |
0 |
0 |
|
6 |
Total (3+4-5) |
1,709,000 |
3,105,000 |
770,000 |
291,000 |
|
7 |
Initial Allowance (4X1) |
30,800 |
27,800 |
60,000 |
54,000 |
172,600 |
8 |
Annual Allowance (6X2) |
85,450 |
310,500 |
154,000 |
72,750 |
622,700 |
9 |
Total Allowances (7+8) |
116,250 |
338,300 |
214,000 |
126,750 |
795,300 |
10 |
Written down value c/f (6-9) |
1,592,750 |
2,766,700 |
556,000 |
164,250 |
|
11 |
Balancing Allowance |
|
|
|
|
200,000 |
12 |
Total (9+11) |
|
|
|
|
995,300
|
|
