Malaysia legislation
Section 2f
Section 2f
the company referred to in paragraph 2e, other than another company referred to in subparagraph 2e(c), shall have a paid up capital in respect of ordinary shares of more than two million and five hundred thousand ringgit at the beginning of the basis period for a year of assessment.”;
(d)
by substituting for Part iV the following Part:
“Part IV
Notwithstanding Part i, income tax shall be charged for a year of assessment upon the chargeable income of every co-operative society at the following rates:
Chargeable Income
Rate of
Income Tax for every ringgit of the first 30,000 0 per cent for every ringgit of the next 30,000 5 per cent for every ringgit of the next 40,000 10 per cent for every ringgit of the next 50,000 15 per cent for every ringgit of the next 100,000 20 per cent for every ringgit of the next 250,000 22 per cent for every ringgit of the next 250,000 24 per cent for every ringgit exceeding 750,000 25 per cent”;
and
(e)
by inserting after Part xV the following Part:
“Part xVi
Notwithstanding Part i, income tax shall be charged for a year of assessment on any amount of contribution withdrawn by an individual from a private retirement scheme before that individual reaches the age of 55 (other than by reason of death or permanently leaving malaysia) at the rate of 8 per cent on every ringgit of that contribution withdrawn.”.
24
Act 755
amendment of schedule 2