These guidelines explain the responsibilities of disposers (pelupus) and acquirers (pemeroleh) under the Self-Assessment System for CKHT starting January 1, 2025.
Acquirer’s Responsibilities
1. Submission of Form CKHT 2A:
- Submit electronically via MyTax within 60 days of acquisition.
- Obtain a Tax Identification Number (TIN) if required.
- Manual submissions will not be accepted.
2. Withholding Payment Under Section 21B:
- Acquirers must withhold and pay a portion of the consideration (3%-7%) to LHDNM within 60 days of disposal.
- If Form CKHT 3 is received from the disposer, withholding is not required.
3. Penalties:
- Late payments or failures to submit may result in penalties, including fines, additional taxes, or travel restrictions.
Disposer’s Responsibilities
1. Submission of Form CKHT 1A/1B:
- Mandatory for disposals subject to CKHT, submitted electronically via MyTax.
- Exemptions apply for gains taxed under the Income Tax Act 1967.
2. Tax Payments:
- Pay any remaining tax balance within 90 days of disposal.
- Late payments may incur a 10% penalty.
3. Keeping Records:
- Maintain documents for seven years for potential audits.
4. Penalties:
- Non-compliance may result in fines, imprisonment, or penalties up to three times the tax amount.
Refunds for Canceled Transactions
- Submit supporting documents like cancellation agreements to request refunds.
- Refund claims must be made within five years of the transaction year.
Amended Tax Returns (BNT CKHT)
- Allowed within six months of filing for errors or adjustments.
- Only one amendment per case is permitted.
Appeals for Relief
- Taxpayers can appeal under Sections 19 or 19A for errors, exemptions, or new legislation affecting their tax filings.
To know more, refer here.