Malaysia legislation
Section 6
Section 6
Amendment of section 60aa
(a)
by substituting for subparagraph (9)(b)(iii) the following subparagraph:
“(iii) the amount of management expenses incurred by him in that period in connection with—
(A)
wakalah fee receivable in relation to the general fund, inward retakaful fund, offshore fund or family retakaful fund;
(B)
any other fee receivable in relation to the general fund, inward retakaful fund, offshore fund or family retakaful fund;
or
(C)
any other fee receivable in relation to an investment fund from the family fund;
and”;
(b)
by substituting for subparagraph (10)(b)(iii) the following subparagraph:
“(iii) the amount of management expenses incurred by him in that period in connection with—
(A)
wakalah fee receivable in relation to the general fund, inward retakaful fund, offshore fund or family retakaful;
(B)
any other fee receivable in relation to the general fund, inward retakaful fund, offshore fund or family retakaful fund;
or
Act 801
(C)
any other fee receivable in relation to an investment fund from the family fund;
and”; and
(c)
by inserting after subsection (10a) the following subsection:
“(10b) The management expenses incurred for the basis period for a year of assessment under—
(a)
subsubparagraph (9)(b)(iii)(B) or (C) shall be determined in accordance with the following formula:
A x C
B where
A is the total amount of gross income for that period referred to in subparagraph (9)(a)(iii)
excluding the amount of gross income in respect of wakalah fee;
B is the total amount of gross income for that period referred to in subparagraph (9)(a)(iii)
excluding the amount of gross income in respect of wakalah fee for commission; and
C is the total management expenses incurred under subparagraph (9)(b)(iii); or
(b)
subsubparagraph (10)(b)(iii)(B) or (C) shall be determined in accordance with the following formula:
A x C
B where
A is the total amount of gross income for that period referred to in subparagraph (10)(a)(iii), excluding the amount of gross income in respect of wakalah fee;
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B is the total amount of gross income for that period referred to in subparagraph (10)(a)(iii), excluding the amount of gross income in respect of wakalah fee for commission; and
C is the total management expenses incurred under subparagraph (10)(b)(iii).”.
Amendment of section 107c