Malaysia legislation

Section 13

of FINANCE (NO. 2) ACT 2017

Section 13

Schedule 3 to the principal Act is amended by substituting for subparagraph 61a(5) the following subparagraph:

“(5) Where paragraph (4) applies, in determining the residual expenditure of such asset for that following basis period, the total qualifying expenditure incurred by that person shall be reduced by—

(a)

any initial allowance made to that person in relation to that asset for any year of assessment;

(b)

any annual allowance made to that person in relation to that asset for any year of assessment; and

(c)

an amount of annual allowance which would have been made to that person for the basis period in which the asset was classified as held for sale as if the asset had been in use in that basis period for the purpose of a business of his.”.

Amendment of Schedule 6

Read in full context — FINANCE (NO. 2) ACT 2017 →