AKTA KEWANGAN 1990

Seksyen 7,8 dan 15 hendaklah disifatkan berkuatkuasa bagi tahun taksiran 1989 dan hendaklah berkuatkuasa bagi tahun-tahun taksiran yang berikutnya.

Mula berkuatkuasanya pindaanpindaan kepada Akta Cukai Pendapatan 1967.

6

Seksyen 13 hendaklah disifatkan telah mula berkuatkuasa pada 1hb Januari 1989.

Seksyen 16 hendaklah berkuatkuasa bagi tahun taksiran 1991 dan tahun-tahun taksiran yang berikutnya.

dalam subseksyen (1), dengan menggantikan noktah di hujung perenggan (f) dengan koma bernoktah; dan

dalam subseksyen (1), dengan memasukkan selepas perenggan (f), perenggan yang berikut:

" (g) (i) subject to subparagraph (ii), income tax shall be charged for each year of assessment upon the chargeable income of an approved operational headquarters company in relation to the source consisting of the provision of qualifying services at the appropriate rate as specified under Part VII of Schedule 1;

Paragraphs 5 and 6 of Schedule 7A shall apply mutatis mutandis to the amount exempt under subsection (1).

Where a venture capital company incurs a loss in respect of a disposal of shares in a venture company in the basis period for a year of assessment, there shall not be made any deduction under section 43(2) or 44(2) in respect of such loss in computing the aggregate income or total income of the venture capital company, as the case may be.

In ascertaining the total income of the venture capital company for the basis period for a year of assessment, there shall be deducted before any deduction falling to be made under section 44 (1) (c) an amount in respect of expenses incurred by that company during that period, which amount shall be determined in accordance with the formula

$$

\mathrm {A} \times \frac {\mathrm {B}}{4 \mathrm {C}},

$$

A is the total of the permitted expenses incurred for that basis period;

B is the gross income consisting of dividend, interest and rent chargeable to tax for that basis period; and

C is the aggregate of the gross income consisting of dividend (whether exempt or not), interest and rent, and gains made from the disposal of

KEWANGAN shares in. a venture company (whether chargeable to tax or not) for that basis period:

Provided that where, by reason of an absence or insufficiency of aggregate income for that year of assessment, effect cannot be given or cannot be given in full to any deduction falling to be made to the venture capital company under this section for that year, that deduction which has not been so made shall not be made to the company for any subsequent year of assessment.

In this section—

"permitted expenses" means expenses incurred by the venture capital company in respect of—

The chargeable income in relation to the source consisting of the provision of qualifying services for a year of assessment shall be the statutory income from that source reduced by any deduction falling to be made pursuant to section 43 (2) relating to that source.

The chargeable income in relation to the source or sources other than the source consisting of the provision of qualifying services for a year of assessment shall be the statutory income from that source or the aggregate of the statutory income from each of those sources, as the case may be, reduced by any deductions falling to be made pursuant to sections 43 (2) and 44 (1):

Provided that in so making the deductions under sections 43 (2) and 44 (1), no regard shall be had to the adjusted loss, if any, from

KEWANGAN the source consisting of the provision of qualifying services.

Where it appears to the Director General that the chargeable income of an approved operational headquarters company in relation to a source consisting of the provision of qualifying services ought not to have been charged to tax at the rate specified under Part VII of Schedule 1 by reason of the withdrawal of the approval of the operational headquarters company, he may, at any time within twelve years after the expiration of the year of assessment for which that rate was applied, make such additional assessments upon that company as appear to him to be necessary in order to counteract any benefit obtained under Part VII of Schedule 1.

Dividends received by an approved operational headquarters company in the basis period for a year of assessment from a related company outside Malaysia shall be exempt from tax for that year of assessment:

Provided that the exemption—

Paragraphs 5 and 6 of Schedule 7A shall apply mutatis mutandis to income exempt under subsection (5).

For the purposes of this section—

"approved operational headquarters company" means a company—

dalam subseksyen (1), dengan menggantikan koma bernoktah di hujung perenggan (b) dengan noktah bertindih;

dalam subseksyen (1), dengan memasukkan, di bawah perenggan (b), proviso yang berikut:

"Provided that in the case of a unit trust, gains arising from the realisation of investments shall not be treated as income of the trust body of the trust;";

dengan memasukkan, selepas subseksyen (1), subseksyen yang berikut:

"（1A）Notwithstanding subsection (1) (c) and (d), a unit holder of a unit trust shall be assessed and charged to tax in respect of

KEWANGAN income equivalent to an amount ascertained by reference to his share of the total income of the unit trust for a year of assessment, distributed to him by the unit trust in the basis year for that year of assessment:

Provided that the unit holder shall not be assessed and charged to tax in respect of any amount distributed by the unit trust out of exempt income or the gains referred to in the proviso to section 61 (1) (b)."

Where a unit trust has, for the purposes of deriving rent from the letting of real property, incurred qualifying capital expenditure in relation to an asset and at the end of the basis period for a year of assessment the unit trust was the owner of the asset and the asset was in use for that purpose, there shall be made to the unit trust in relation to that source for that year an allowance equal to one tenth of that expenditure:

Provided that where, by reason of an absence or insufficiency of adjusted income from that source for the basis period for that year of assessment, effect cannot be given or cannot be given in full to any allowance falling to be made for that year in relation to that source, that allowance which has not been so made shall not be made to the unit trust for any subsequent year of assessment.

Where at the end of the basis period for any year of assessment the residual expenditure in relation to an asset in respect of which qualifying capital expenditure has been incurred is zero, or the asset is no longer owned or in use by the unit trust, no allowance shall be made to the unit trust for that year of assessment and subsequent years of assessment.

For the purposes of subsection (2), qualifying capital expenditure shall be deemed to have been incurred on the day on which the machinery or plant is capable of being used for the purposes of deriving rent from the letting of real property.

For the purposes of this section—

"qualifying capital expenditure" in relation to an asset is capital expenditure incurred on the provision of machinery or plant used for the purposes of deriving rent from the letting of real property, including—

the amount of deduction to be made shall not be less than ten per cent of the total permitted expenses incurred for that basis period; and

where, by reason of an absence or insufficiency of aggregate income for that year of assessment, effect cannot be given or cannot be given in full to any deduction falling to be made to the unit trust under this section for that year that deduction which has not been so made shall not be made to the unit trust for any subsequent year of assessment.

For the purposes of this section—

"permitted expenses" means expenses incurred by the unit trust in respect of—

is informed that there is a registered letter awaiting him at a post office but refuses or neglects to take delivery of the letter; or

refuses to accept delivery of that registered letter when tendered, the notice shall be deemed to have been served upon him on the date on which he was informed that the letter was awaiting him or on which the letter was tendered to him, as the case may be.

For the purposes of subsection (3) an affidavit by the officer in charge of a post office stating that to the best of his knowledge and belief—

for the period during which the company—

has been granted pioneer status under the Promotion of Investments Act 1986 in respect of a promoted activity or promoted product and is applying or intends to apply for the grant of a pioneer certificates; or

for the period prescribed under paragraph (b), (c) or (d) of section 29 (2) of the Promotion of Investments Act 1986 in respect of a promoted activity or promoted product for which the company has been granted approval under section 27 of that Act; or

for the period during which that company, notwithstanding the repeal of the Investment Incentives Act 1968—

has been given approval under section 5, $ 1 2^{\mathrm{A}} $ or $ 1 2^{\mathrm{B}} $ of that Act and whose tax relief period has not ended; or