Malaysia legislation
Section 48
Section 48
the Petroleum (income tax) Act 1967, which is referred to as the “principal Act” in this chapter, is amended in section 18—
(a)
in paragraph (1)(h), by substituting for the proviso to that paragraph the following proviso:
“Provided that—
(i)
this paragraph shall not apply if the payer has paid the amount of deduction of tax and the increased amount which is equal to ten
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Act 755
per cent of that deduction which are due and payable under the provisions of that law; and
(ii)
where such tax is deducted or such amount is paid after the due date for the furnishing of a return for a year of assessment that relates to such payment, the tax or amount so paid shall not prejudice the imposition of penalty under subsection 52(2) if a deduction on such payment is made in such return or is claimed in the information given to the
Director general in arriving at the adjusted income of the payer;”; and
(b)
by inserting after subsection (2) the following subsection:
“(3) Paragraph (1)(h) shall not apply if for a year of assessment a person is exempt under section 65c or the Promotion of investments Act 1986 [Act 327], in respect of all income of that person from all sources not being exemption on income equal to capital expenditure incurred.”.
amendment of section 39