Malaysia legislation
Section 8
Seksyen 8
Seksyen 60 Akta ibu dipinda—
(a)
dengan menggantikan subseksyen (2) dengan subseksyen baharu (2) yang berikut:
10 Undang-Undang Malaysia AKTA 264
“(2) For the purposes of this section—
(a)
subject to paragraph (b), where an insurer carries on life business in conjunction with general business, the life business and the general business shall be treated as separate insurance businesses;
(b)
(i)
where an insurer carries on inward re-insurance business, the inward re-insurance business and the general business (excluding the inward re-insurance business and offshore insurance business)
shall be treated as separate general businesses;
(ii)
where an insurer carries on off-shore insurance business, the offshore insurance business and the general business
(excluding the off-shore insurance business and inward re-insurance business) shall be treated as separate general businesses.”;
(b)
dengan memasukkan sebaik selepas subseksyen (5A), subseksyen baharu (5B) yang berikut:
“(5B) The adjusted income for the basis period for a year of assessment from the off-shore insurance business of an insurer resident for that basis year for that year of assessment shall consist of an amount arrived at by applying subsection (5) as if references therein to
“general business” and “general policies” were references to “offshore insurance business” and “offshore insurance policies” respectively.”;
(c)
dengan memasukkan sebaik selepas subseksyen (6A)
subseksyen baharu (6B) yang berikut:
“(6B) The adjusted income for the basis period for a year of assessment from the off-shore insurance business
Kewangan 11
of an insurer not resident for the basis year for that year of assessment shall, where that business is wholly or partly carried on in Malaysia, consist of an amount arrived at by applying subsection (6) as if references therein to “general business” and “Malaysian general policies” were references to “off-shore insurance business”
and
“off-shore insurance policies”
respectively.”;
(d)
dengan menggantikan perkataan “or (6A)” yang terdapat dalam proviso kepada subseksyen (7) dengan perkataan “,
(6A)
or (6B)”;
(e)
dengan menggantikan perkataan “and in section 60A” yang terdapat dalam subseksyen (11) dengan perkataan “, section 60A and section 60B”; dan
(f)
dengan menggantikan noktah pada penghujung takrif
“Malaysian general policy” dan “Malaysian life policy”
dalam subseksyen (11) dengan koma bernoktah, dan dengan menambahkan sebaik selepas itu takrif baharu yang berikut:
“ “off-shore insurance” means insurance of a risk under a general policy where the risk is outside Malaysia and the policy of insurance is issued by an insurer resident in Malaysia or by a branch in Malaysia of an insurer not resident in Malaysia, and where any risk is in transit in Malaysia it shall be deemed to be outside
Malaysia;
“off-shore insurance policies” means policies issued in respect of off-shore insurance.”.
Seksyen baharu 60B dan menombor semula seksyen 60B sebagai seksyen 60C