Section 20 — FINANCE (NO. 2) ACT 2014

(a)

in Part i—

(i)

by substituting for paragraph 1 the following paragraph:

“1. Except where paragraphs 1a, 2, 2a, 2d, 3 and 4 provide otherwise, income tax shall be charged for a year of assessment upon the chargeable income of every person at the following rates:

Chargeable Income

RM

Rate of

Income Tax

For every ringgit of the first 5,000 0 per cent

For every ringgit of the next 15,000 1 per cent

For every ringgit of the next 15,000 5 per cent

For every ringgit of the next 15,000 10 per cent

For every ringgit of the next 20,000 16 per cent

For every ringgit of the next 30,000 21 per cent

For every ringgit of the next 150,000 24 per cent

For every ringgit of the next 150,000 24.5 per cent

For every ringgit exceeding 400,000 25 per cent”;

Act 764

(ii)

in paragraph 1a, by substituting for the words

“26 per cent” the words “25 per cent”;

(iii)

in paragraph 2—

(A)

in subparagraph (f), by substituting for the full stop at the end of that subparagraph a comma; and

(b)

by substituting for the words “26 per cent for the year of assessment 2008 and 25 per cent for the subsequent years of assessment” the words “25 per cent for the year of assessment 2015 and 24 per cent for the subsequent years of assessment”;

(iv)

in paragraph 2a—

(A)

by inserting after the words “company resident”

the words “and incorporated”; and

(b)

in column “Rate of income tax”—

(AA) by substituting for the words

“20 per cent” the words “20 per cent for the year of assessment 2015

and 19 per cent for the subsequent years of assessment”; and

(bb) by substituting for the words

“26 per cent for the year of assessment 2008 and 25 per cent for the subsequent years of assessment”

the words “25 per cent for the year of assessment 2015 and 24 per cent for the subsequent years of assessment”; and

(v)

in paragraph 2d, in column “Rate of Income

Tax”—

(A)

by substituting for the words “20 per cent” the words “20 per cent for the year of assessment 2015 and 19 per cent for the subsequent years of assessment”; and

(b)

by substituting for the words “25 per cent” the words “25 per cent for the year of assessment 2015 and 24 per cent for the subsequent years of assessment”; and

Finance (No. 2)

(b)

in Part iV, in column “Rate of income tax”—

(i)

by substituting for the words “20 per cent” the words “18 per cent”;

(ii)

by substituting for the words “22 per cent” the words “21 per cent”;

(iii)

by substituting for the words “24 per cent” the words “23 per cent”; and

(iv)

by substituting for the words “25 per cent” the words “24 per cent”.

amendment of schedule 3