Malaysia legislation
Section 7
Section 7
Amendment of section 34
(a)
by inserting after subsection (3) the following subsections:
“(3a) The reference to the debt which is partly irrecoverable under paragraph (2)(b), shall be deemed, in the case of a bank, to include all interest in respect of a loan or credit facility accrued from the date that such loan or facility is classified as non-performing loan in accordance with the relevant guidelines issued by the Central Bank.
(3b)
For the purpose of subsection (3a), “bank”
means a bank or a finance company or a banking and finance company licensed or deemed to be licensed under the Banking and Financial Institutions Act 1989
[Act 372] or Islamic Banking Act 1983 [Act 276], or an institution prescribed under the Development
Financial Institutions Act 2002 [Act 618]”; and
10
Act 639
(b)
in subsection (6)—
(i)
by substituting for paragraph (m) the following paragraph:
“(m) an amount equal to the expenditure, not being capital expenditure, incurred by a company in the relevant period for the purpose of obtaining accreditation for a laboratory or as a certification body, as evidenced by a certificate issued by the
Department of Standards Malaysia:
Provided that the expenditure incurred in the relevant period shall be deemed to be incurred by that company in the basis period for the year of assessment in which the certificate is issued;”; and
(ii)
by inserting after paragraph (m) as amended the following paragraph:
“(ma) an amount twice the amount of the expenditure, not being capital expenditure, incurred by a company in the relevant period for the purpose of obtaining certification for recognized quality systems and standards, and halal certification, evidence by a certificate issued by a certification body as determined by the Minister:
Provided that the expenditure incurred in the relevant period shall be deemed to be incurred by that company in the basis period for the year of assessment in which the certificate is issued;”.
Amendment of section 44