PRELIMINARY
Short title and commencement
ActIn force
Finance Act 1985
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- Enacted
- 1985
- Sections
- 7
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Finance Act 1985 is Malaysia Act, cited as Act 315 1985, currently marked in force and first recorded in 1985.
Front matterCover and publication detailsOpenClose
Act 315
Incorporating all amendments up to 1 January 2006 2006
2
Date of Royal Assent
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22 May 1985
Date of publication in the Gazette
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30 May 1985
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2001
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Act 315
Opening note
Preamble
- An Act to amend the Income Tax Act 1967 and the Petroleum (Income Tax) Act 1967 and to provide for matters connected therewith. [ ] BE IT ENACTED by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows:
Chapter I
Section 1
This Act may be cited as the Finance Act 1985 and shall have effect as provided in this Act.
Amendments of Acts
Section 2
The Income Tax Act 1967 [Act 53] and the *Petroleum (Income
Tax) Act 1967 [Act 45 of 1967] are amended respectively in the manner specified in Chapters II and III respectively.
Chapter II
AMENDMENTS TO THE INCOME TAX
ACT 1967
Commencement of amendments to the Income Tax Act 1967
Section 3
The provisions of this Chapter shall have effect for the year of assessment 1985 and subsequent years of assessment.
*NOTE—The Petroleum (Income Tax) Act 1967 [Act 45 of 1967] has since been revised as the
Petroleum (Income Tax) Act 1967 [Act 543].
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Section 4
Amendment of section 45
Section 45 of the Income Tax Act 1967 is amended by substituting for the words “one hundred thousand ringgit” in subsection (6) the words “three hundred thousand ringgit”.
Chapter III
AMENDMENTS TO THE PETROLEUM (INCOME TAX)
ACT 1967
Commencement of amendments to the Petroleum (Income Tax)
Act 1967
Section 5
The provisions of this Chapter shall have effect for the year of assessment 1985 and subsequent years of assessment.
Amendment of section 18
Section 6
Subsection 18(1) of the Petroleum (Income Tax) Act 1967
which in this Chapter is referred to as “the principal Act”, is amended—
(b)
by inserting immediately after paragraph (l) the following new paragraph (m):
“(m) any sum paid by way of rentals in respect of a motor vehicle (other than a lorry, truck, bus, mini bus, van or station wagon 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.”.
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Finance
Section 7
Amendment of Schedule 2
Schedule 2 to the principal Act is amended by substituting for the word “fifteen” in subparagraph 2(2) the word “twenty-five”.
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Act 315
LIST OF AMENDMENTS
Amending law
Short title
In force from
–NIL–
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Finance
Act 315
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from
–NIL–
KUALA LUMPUR
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Common questions
- What is Finance Act 1985?
- Finance Act 1985 is Malaysia Act, cited as Act 315 1985, currently marked in force and first recorded in 1985.
- Is Finance Act 1985 still in force?
- Yes — Finance Act 1985 is currently in force.
- When did Finance Act 1985 take effect?
- Finance Act 1985 was first recorded in 1985.
- How many sections does Finance Act 1985 have?
- Finance Act 1985 contains 7 sections.
- Where can I read the official version of Finance Act 1985?
- The official text of Finance Act 1985 is published at lom.agc.gov.my.
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