Malaysia legislation
Section 15
Section 15
(a)
that business shall be deemed to have permanently ceased at the end of the tax relief period of the pioneer company;
(b)
in respect of that business, the pioneer company shall be deemed to have set up and commenced a new business
(hereinafter referred to as “post-pioneer business”) on the day following the end of its tax relief period;
(c)
the pioneer company shall make up accounts of its pioneer business—
(i)
for a period not exceeding one year commencing at the date when that pioneer business of the company commenced;
(ii)
for successive periods of one year thereafter; and
(iii)
for the period not exceeding one year ending at the date when its tax relief period ends; and
(d)
in making up the first accounts of its post-pioneer business the pioneer company shall take as the opening figures for those accounts the closing figures in respect of its assets and liabilities as shown in its last accounts in respect of its tax
Promotion Of Investments 41
relief period; and its next accounts of its post-pioneer business shall be made up by reference to the closing figures in those first accounts, and any subsequent accounts shall be similarly made up by reference to the closing figures of the preceding accounts of its post-pioneer business.
(2)
Where a pioneer company has been deemed to have set up and commenced a post-pioneer business and the accounts of the post-pioneer business are made up to a day corresponding to the day on which the annual accounts of the pioneer business were made up—
(a)
the basis period (for the year of assessment of the pioneer business) in which the day of commencement of the post-pioneer business falls shall constitute for the post-pioneer business the basis period for that year of assessment; and
(b)
there shall be no basis period for the post-pioneer business for any year of assessment preceding that first-mentioned year.