Malaysia legislation
Section 13
Seksyen 13
akta ibu dipinda dengan memasukkan selepas seksyen 34c seksyen yang berikut:
“Special deduction for expenditure on treasury shares 34d. (1) notwithstanding section 33 but subject to this section, in ascertaining the adjusted income of a company from a business for the basis period for a year of assessment, a deduction shall be made from the gross income for that period any expenses incurred by that company in acquiring treasury shares.
(2)
The amount of deduction referred to in subsection (1)—
(a)
shall be the cost of acquiring the treasury shares which are transferred to its employee less any amount payable by that employee for such treasury shares;
and
Undang-Undang Malaysia 14
(b)
shall be allowed in the basis period for a year of assessment where the employee exercised his rights to acquire such treasury shares.
(3)
For the purpose of subsection (2), the cost of acquiring treasury shares which are transferred to its employee shall be determined on the basis that the treasury shares acquired by the company at an earlier point in time are deemed to be transferred first.
(4)
Where any amount payable by an employee for any treasury shares transferred to him exceeds the cost to the company of acquiring the treasury shares transferred as provided under subsection (3), the amount of the excess shall be credited to an account to be kept by the company for the purpose of this section.
(5)
Where there is any balance in the account kept by the company under subsection (4) and any treasury shares are subsequently transferred by the company to any employee under subsection (1), the cost to the company of acquiring the treasury shares as determined under subsection (3) shall be reduced—
(a)
where the amount of the balance is equal to or exceeds the amount of the cost, to zero; or
(b)
where the amount of the balance is less than the amount of the cost, by the amount of the balance, and the amount of the reduction shall be debited to the account.
(6)
For the purpose of this section, a company transfers treasury shares held by it to an employee when the employee acquires the legal and beneficial interest in the treasury shares.
(7)
Where a holding company transfers treasury shares held by it to any employee employed at any time by a subsidiary company of the holding company who has the right to acquire such shares—
(a)
no deduction shall be allowed to the holding company under subsection (1);
Kewangan 15
(b)
if any amount is paid or payable by the subsidiary company to the holding company for the transfer of the treasury shares, there shall be allowed to the subsidiary company, on the date of the transfer of the shares or of the payment to the holding company for the shares, whichever is the later, a deduction under subsection (1) for the amount, or an amount equal to the cost to the holding company of acquiring the treasury shares transferred to the employee of the subsidiary less any amount payable by that employee for the treasury shares, whichever is less.”.
Pindaan seksyen 39