Malaysia legislation
Section 13A
Section 13A
(1A)
Subsection (1) shall not apply where a chargeable person
(in this subsection referred to as the “disposer”) disposes of an asset in relation to which an initial or annual allowance has been made or would have been made, if claimed, to him (in this subsection referred to as the “asset”) and that asset continues to be used for petroleum operations by another chargeable person (in this subsection referred to as the “acquirer”) in another petroleum agreement under which the acquirer has not incurred qualifying expenditure in respect of that asset and at the time of the disposal—
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(a)
the disposer of the asset is a company and the acquirer of the asset is a partnership in which the disposer is also a partner;
(b)
the disposer of the asset and the acquirer of the asset are the same partnership but operating under separate petroleum agreements;
(c)
the disposer of the asset and the acquirer of the asset are partnerships and all the partners in the partnership that is disposing of the asset are also partners in the partnership that is acquiring the asset; or
(d)
the disposer of the asset and the acquirer of the asset are the same company but operating under separate petroleum agreements.
(2)
For the purpose of this section disposal value shall be taken to be an amount equal to the market value of the asset at the date of its disposal or, in the case of its disposal by way of sale, transfer or assignment—
(a)
an amount equal to its market value at the date of the sale, transfer or assignment, as the case may be; or
(b)
the net proceeds of the sale, transfer or assignment as the case may be, whichever is the greater:
Provided that, where the asset is disposed of in such circumstances that insurance or compensation moneys are received in respect of the asset, its disposal value shall be taken to be an amount equal to its market value at the date of its disposal or those moneys, whichever is the greater.
Petroleum (Income Tax)
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Sums recovered on account of debts, and debts released