Malaysia legislation
Section 20
Section 20
Schedule 3 to the principal Act is amended—
(a)
in paragraph 37b—
(i)
by substituting for subparagraph (c) the following subparagraph:
“(c) industrial, technical or vocational training approved by the Minister;”;
(ii)
by substituting for the comma at the end of subparagraph (d) the punctuation mark and word
“; or”; and
(iii)
by inserting after subparagraph (d) the following subparagraph:
“(e) research undertaken by a research and development company or a contract research and development company as defined in section 2 of the Promotion of Investments
Act 1986,”; and
(b)
in paragraph 62 by inserting after subparagraph (3) the following subparagraph:
“(4) Notwithstanding paragraph 62(1) where an asset in relation to which the person has incurred qualifying plant expenditure for the purposes of a business of his is disposed of by way of gift, its disposal value shall be deemed to be zero if the gift is made to—
(a)
a technical or vocational training institute established and maintained by the government or a statutory body;
19
Finance
(b)
a technical or vocational training institute as approved by the Minister; or
(c)
an approved research institute as defined in section 34b.”.
Amendment of Schedule 6