Malaysia legislation
Section 12
Section 12
Amendment of section 60aa
(a)
in subparagraph (9)(a)(iii)—
(i)
by inserting after the words “in connection with the” the words “family fund,”; and
(ii)
by deleting the words “, or any other fee receivable in respect of an investment fund from the family fund”;
(b)
in subparagraph (9)(b)(iii)—
(i)
in subsubparagraph (A)—
(A)
by inserting after the words “in relation to the” the words “family fund,”; and
(B)
by inserting the word “or” at the end of that subsubparagraph;
(ii)
in subsubparagraph (B)—
(A)
by inserting after the words “in relation to the” the words “family fund,”; and
(B)
by substituting for the word “or” at the end of that subsubparagraph the word “and”; and
(iii)
by deleting subsubparagraph (C);
Finance 15
(c)
in subparagraph (9)(b)(iv), by inserting after the words
“in connection with his” the words “family business and”;
(d)
in subparagraph (10)(a)(iii)—
(i)
by inserting after the words “in connection with the” the words “family fund,”; and
(ii)
by deleting the words “, or any other fee receivable in respect of an investment fund from the family fund”;
(e)
in subparagraph (10)(b)(iii)—
(i)
in subsubparagraph (A)—
(A)
by inserting after the words “in relation to the” the words “family fund,”; and
(B)
by inserting the word “or” at the end of that subsubparagraph;
(ii)
in subsubparagraph (B)—
(A)
by inserting after the words “in relation to the” the words “family fund,”; and
(B)
by substituting for the word “or” at the end of that subsubparagraph the word “and”; and
(iii)
by deleting subsubparagraph (C);
(f)
in subparagraph (10)(b)(iv), by inserting after the words
“in connection with his” the words “family business and”;
(g)
by deleting subsection (10b);
(h)
by deleting subsection (11);
(i)
by deleting subsection (17); and
Act 833
(j)
by inserting after the deleted subsection (17) the following subsections:
“(17a) Allowances under Schedule 3 shall only be available for deduction against the adjusted income of the shareholders’ fund of the takaful operator and the balance of such allowances shall not be available for deduction against the adjusted income of the family fund or general fund of the takaful operator.
(17b)
The allowances under subsection (17a)
shall be in relation to any asset acquired under the shareholders’ fund of the takaful operator on or after 1 January 2022.
(17c)
Notwithstanding paragraph 75 of Schedule 3, any unabsorbed allowances of the shareholders’ fund of the takaful operator shall only be available for deduction against the adjusted income for the basis period for a year of assessment and subsequent years of assessment in respect of the shareholders’ fund of the takaful operator.
(17d)
Where in respect of any asset acquired prior to 1 January 2022, allowances under Schedule 3 which have been claimed or ought to have been claimed as deduction against the adjusted income of the family fund or general fund of the takaful operator, such allowances shall be claimed as deduction against the adjusted income of the family fund or general fund of the takaful operator until the whole amount of the allowances is claimed.”.
Amendment of section 61