Malaysia legislation
Section 54B
Seksyen 54B
(b)
as soon as any amount of the chargeable income of that business has been abated, it shall be credited to an account (that account being referred to as the exempt account) and paragraph 5
(except subparagraph (1) thereof) and paragraph 6 of Schedule 7A shall apply as if any reference in those paragraphs to any income exempted or which has become exempt under paragraph 3 were a reference to income credited to the exempt account.
(2)
The total dividend (including any dividend paid out of the exempt account) paid, credited or distributed in a basis period shall not exceed fifteen per cent of the paid up capital as at the first day of such basis period;
Kewangan 9
(b)
any excess of the audited net profit for the basis period over such dividend less any tax payable for that year of assessment shall be credited to a fleet acquisition reserve which shall not be reduced other than for the purposes of paragraph (c);
(c)
during that period the company shall undertake a programme to increase the tonnage of its fleet of ships or vessels and shall for this purpose incur capital expenditure on the acquisition of ships or vessels which at the end of every four consecutive basis periods (hereinafter referred to as the relevant period) shall not be less than seventy-five per cent of such fleet acquisition reserve; and
(d)
where at any time during a basis period any of the conditions have not been complied with or where the Director General is of the opinion that any expenditure deemed to have been incurred has not in fact been incurred, this section shall be deemed never to have had effect for that relevant period.
(3)
For the purposes of this section, capital expenditure is deemed to have been incurred—
(i)
when expenditure is made;
(ii)
on the signing of a contract for the purchase of a ship or vessel; or
(iii)
when a similar commitment is undertaken and it is proved to the satisfaction of the Director General that such commitment is for the actual purchase of a ship or vessel.”.
Pindaan seksyen 60