Malaysia legislation
Section 26
Section 26
Schedule 6 to the principal Act is amended—
(a)
by inserting after paragraph 25c the following paragraph:
“25d. Sums received by way of gratuity on retirement from an employment under any written law or termination of a contract of employment other than when paragraph 25, 25a, 25b or 30a applies:
Provided that the sums shall not exceed an amount ascertained by multiplying the sum of one thousand ringgit by the number of completed year of service of that individual.”;
(b)
in subparagraph 33a(b)—
(i)
by substituting for the words “Islamic securities”
the word “sukuk”; and
(ii)
by substituting for the words “approved by the
Securities Commission” the words “approved or authorized by, or lodged with, the Securities
Commission”;
Act 773
(c)
in paragraph 33b—
(i)
by substituting for the words “Islamic securities”
the word “sukuk”; and
(ii)
by substituting for subparagraph (b) the following subparagraph:
“(b) approved or authorized by, or lodged with, the
Securities Commission, or approved by the
Labuan Financial Services Authority.”; and
(d)
in subparagraph 35(b)—
(i)
by substituting for the words “Islamic securities”
the word “sukuk”; and
(ii)
by substituting for the words “approved by the
Securities Commission” the words “approved or authorized by, or lodged with, the Securities
Commission”.
Amendment of Schedule 7