Section 6B
“Tax rebate on loan to a small business
Subject to this section, income tax charged for each year of assessment upon the chargeable income of a person who gives any loan to a small business shall be rebated by an amount equivalent to two per cent pro rated per annum, or such other rate as may be prescribed from time to time by the Minister, on the outstanding balance of the loan calculated
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on term loan basis before any set off is made under section 110 and any credit is allowed under section 132 or section 133:
Provided that where the rebate exceeds the income tax charged (before any such rebate) for any year of assessment, the excess shall not be paid to that person and shall not be available as a credit to set off any tax liability for that year of assessment but it shall be available as a credit to set off any income tax chargeable for any subsequent year of assessment.
(2)
‘Loan to a small business’ means a loan that conforms to the guidelines laid down by an appropriate authority designated by the Minister from time to time.”.
Amendment of section 7 6.
The principal Act is amended by substituting for paragraph 7(1)(b) the following:
“(b) he is in Malaysia in that basis year for a period of less than one hundred and eighty-two days and that period forms part of a period of more than one hundred and eighty-two consecutive days (hereinafter referred to in this paragraph as such period) throughout which he is in Malaysia in the basis year for the year of assessment immediately preceding that particular year of assessment or in that basis year for the year of assessment immediately following that particular year of assessment:
Provided that any temporary absence from Malaysia—
(i)
connected with his service in Malaysia and owing to service matters or attending conferences or seminars or study abroad;
(ii)
owing to ill-health involving himself or a member of his immediate family; and
(iii)
in respect of social visits not exceeding fourteen days in the aggregate, shall be taken to form part of such period;”.
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