Malaysia legislation
Section 8
Section 8
“Form and making of assessments 6a. (1) An assessment made under section 6 shall—
(a)
by renumbering the existing section as subsection (1);
(b)
in the renumbered subsection (1)—
(i)
by inserting after the words “Notwithstanding section 3,” the words “the profit of”; and
(ii)
by inserting after the words “be charged to tax”
the words “under this Act”; and
(c)
by inserting after the renumbered subsection (1) the following subsections:
“(2) For the avoidance of doubt, the profit of a
Labuan entity carrying on a Labuan business activity which is a Labuan non-trading activity referred to in subsection (1) shall not include any income derived from royalty and other income derived from an intellectual property right if it is receivable as consideration for the commercial exploitation of that right.
(3)
Any income derived from intellectual property right referred to in subsection (2) is subject to tax under the Income Tax Act 1967.
(4)
In this section, “intellectual property right” has the same meaning assigned to it under subsection 4(5).”.
10
New section 13a