Malaysia legislation
Section 21A
Section 21A
Paragraphs 22 and 23A shall apply where a chargeable person (in this paragraph 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 paragraph referred to as the “asset”) and that asset continues to be used for petroleum operations by another chargeable person (in this paragraph 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, the disposer of the asset, the asset in question and the acquirer of the asset being in those paragraphs referred to as the disposer, the asset and the acquirer respectively.