Malaysia legislation
Section 8
Section 8
Section 15A of the principal Act is amended by inserting immediately after the words “other payments” in paragraph (c) the words “, not being payments of film rentals,”.
Amendment of section 36 9.
Section 36 of the principal Act is amended by substituting for subsection (1) the following new subsection (1):
“(1) Notwithstanding any other provision of this Part, where the Director General is satisfied that there is a need for some treatment in computing—
(a)
the gross income from a business with respect to—
(i)
a hire-purchase transaction;
(ii)
a transaction under which a debt is payable by instalments;
(iii)
a lease transaction in respect of moveable property;
or
(iv)
any other transaction involving a debt or stock in trade; and
(b)
the adjusted income from the business,
Finance 11
he may give directions and formulate regulations to be published in the Gazette for special treatment with respect to any such transaction, either in relation to a particular business or in relation to any business having any such transaction:
Provided that no such directions and regulations shall have effect in relation to a business for any year of assessment with respect to which an assessment wholly or partly relating to income from that business has become final and conclusive or is the subject of an appeal which has been sent forward to the Special
Commissioners.”.
Amendment of section 39 10.
Subsection 39(1) of the principal Act is amended—
(a)
by deleting the word “or” at the end of paragraph (i);
(b)
by substituting for the full stop at the end of paragraph
(j)
a semicolon and the word “or”; and
(c)
by inserting immediately after paragraph (j) the following new paragraph (k):
“(k) any sum paid by way of rentals in respect of a motor vehicle, (other than a lorry, truck, bus, mini bus, van, station wagon or taxi cab licensed or permitted, by the appropriate authority, for commercial transportation of goods or passengers)
in excess of twenty-five thousand ringgit:
Provided that the maximum amount of deduction of rentals in respect of such motor vehicle in the year of assessment and subsequent years of assessment shall not in the aggregate exceed twenty-five thousand ringgit in respect of the said motor vehicle.”.
Amendment of section 44 11.
Subsection 44(6) of the principal Act is amended by inserting immediately after the words “a State Government” the words “a local authority”.
Amendment of section 48