Malaysia legislation
Section 28b
Section 28b
The Director General may by notice under his hand require any person to furnish within a time specified in the notice, not being less than thirty days from the date of service of the notice, a statement containing particulars of—
(a)
all banking accounts—
(i)
in his own name or in the name of a wife or dependent child of his or jointly in any such names;
Finance (No. 2)
(ii)
in which he is or has been interested jointly or solely; or
(iii)
on which he has or has had power to operate jointly or solely, being accounts which are in existence or have been in existence at any time during a period to be specified in the notice;
(b)
all savings and loan accounts, deposits, building society accounts and co-operative society accounts in regard to which he has or has had any interest or power to operate jointly or solely during that period;
(c)
all assets which he and any wife or dependent child of his possess or have possessed during that period;
(d)
all disposals of his and the chargeable gain from those disposals; and
(e)
all facts bearing upon his present or past chargeability to tax.
Duty to keep documents for ascertaining chargeable gain and tax payable 28c. (1) Subject to this section, every person who is required to furnish a return of his disposals for a year of assessment under this Act shall keep and retain in safe custody sufficient documents for a period of seven years from the end of that year of assessment for the purpose of ascertaining his chargeable gain and tax payable.
(2)
Where a person referred to in subsection (1) has not furnished a return as required under this Act for a year of assessment, that person shall keep and retain the documents referred to in subsection (1) which relate to that year of assessment for a period of seven years after the end of the year in which the return is furnished.
Act 851
(3)
The Director General may waive all or any of the provisions under subsection (1) in respect of any disposal.
(4)
Any person who is required by this section to keep documents and—
(a)
does so electronically, shall retain the documents in an electronically readable form and shall keep the documents in such a manner as to enable the documents to be readily accessible and convertible into writing; or
(b)
has originally kept documents in a manual form and subsequently converts those documents into an electronic form, shall retain those documents prior to the conversion in their original form.
(5)
All documents that relate to any disposal of chargeable assets situated in Malaysia shall be kept and retained in
Malaysia.
(6)
For the purposes of this section, “documents” includes—
(a)
statement of chargeable gains;
(b)
statement of income and incidental cost; and
(c)
invoices, vouchers, receipts and such other documents as are necessary to verify the particulars in a return.”.
Amendment of section 57a