Malaysia legislation
Section 18
Seksyen 18
Jadual 4 kepada Akta ibu adalah dipinda—
(a)
dengan memotong perkataan "ABORTIVE" dalam kepala;
(b)
dengan menggantikan perenggan 2 dengan perenggan baru 2 yang berikut:
"2. (a) A person who has incurred qualifying prospecting expenditure may elect to claim, within three months after the beginning of a year of assessment in the basis period in which the expenditure was incurred or within such period in that year of assessment as the Director General may allow, a deduction to be made under paragraph 5 (a) (in this Schedule that person and that year of assessment being referred to as "the prospector" and "the relevant year" respectively).
(b)
Where no election has been made under subparagraph (a), a person who has incurred qualifying prospecting expenditure may claim for the relevant year a deduction under paragraph 5 (b).";
(c)
dengan menggantikan perenggan 3 dengan perenggan baru 3 yang berikut:
"3. A claim under paragraph 2 shall—
(a)
if an election is made, be made in writing and shall be irrevocable;
(b)
specify the eligible area to which the claim relates and the amount of the qualifying prospecting expenditure claimed to be deductible;
(c)
contain a declaration described in paragraph 4 if a claim is made for a deduction under paragraph 5 (b); and in the case of subparagraph (b) or (c), shall contain such other information as may be necessary to enable the Director General to dispose of the claim in accordance with this Schedule.";
(d)
dengan menggantikan perkataan-perkataan "3 (b)" dalam perenggan 4 dengan perkataan-perkataan "3 (c)";
(e)
dengan menggantikan perenggan 5 dengan perenggan baru 5 yang berikut:
"5. Subject to this Schedule, there shall be deducted for the relevant year under section 44 (1)—
(a)
an amount equal to so much of the qualifying prospecting expenditure as was incurred in the basis period for the relevant year:
Provided that where the area specified in paragraph 3 (b) ceased to be an eligible area by reason of a lease, licence or certificate (other than a prospecting licence or certificate) granted or issued under any written law regulating mining being granted, issued or assigned to the prospector in any year of assessment subsequent to the relevant year, there shall be added under section 43 (1) (c) in ascertaining the prospector's aggregate income for that year of assessment subsequent to that relevant year an amount equal to that prospecting expenditure or where a prospecting expenditure has been made to him for more than one relevant year the aggregate of all those expenditure for all those years; or
(b)
an amount equal to so much of the qualifying prospecting expenditure as
KEWANGAN was incurred before, but not more than ten years before, the end of the basis year for the relevent year.";
(f)
dengan menggantikan perkataan-perkataan "3 (a)" dalam subperenggan (a) perenggan 6 dengan perkataan-perkataan "3 (b)";
(g)
dengan memasukkan perkataan-perkataan "for any or all relevant years" selepas sahaja perkataan-perkataan "pursuant to this Schedule" dalam perenggan 9;
(h)
dengan menggantikan perenggan 10 dengan perenggan baru 10 yang berikut:
"10. (1) Where machinery or plant has been purchased by the prospector and used in any operation connected with any qualifying prospecting expenditure to which the provisional deduction relates (whether or not it was first used in that way), the provisional deduction under paragraph 5 (a), shall be reduced—
(a)
if the machinery or plant has been sold in the basis period for the relevant year by the amount of any consideration for the sale (ascertained in accordance with paragraph 11);
(b)
by an amount equal to any sum received or receivable by the prospector in the basis period for the relevant year for the use of the machinery or plant otherwise than in any such operation; and
(c)
if the machinery or plant has not been sold in the basis period for the relevant year in which he permanently ceased to search for deposits of minerals in the area to which the claim relates, to win access to any such deposits discovered by him in that area and to test any such deposits, by an amount equal to its market value at the date he permanently ceased to prospect in that area.
(2)
Where machinery or plant has been purchased by the prospector and used in any operation connected with any qualifying prospecting expenditure to which the provisional deduction relates (whether or not it was first used in that way), the provisional deduction under paragraph 5 (b) shall be reduced—
(a)
if the machinery or plant has been sold before the date referred to in paragraph 4 (a), by the amount of any consideration for the sale (ascertained in accordance with paragraph 11);
(b)
if the machinery or plant has not been sold before that date, by an amount equal to its market value at that date; and
(c)
by an amount equal to any sum received or receivable by the prospector before that date (and, in the case of machinery or plant to which paragraph 14 applies, after the date on which the machinery or plant was first used in any such operation) for the use of the machinery or plant otherwise than in any such operation.";
(i)
dengan menggantikan perkataan-perkataan "10 (a)" dalam perenggan 11 dengan angka "10";
(j)
dengan memasukkan selepas sahaja perkataan perkataan "the relevant year" di mana jua ianya terdapat dalam perenggan 12 perkataan-perkataan "or in the basis period for the relevant year as the case may be,"; dan
(k)
dengan memasukkan selepas sahaja perkataan perkataan "subsequent to the relevant year" yang terdapat dalam perenggan 16 perkataan perkataan "which coincides with the year in which he permanently ceased to search for, with access or test deposits of minerals in that area".