Section 15
Section 60E of the principal Act is amended—
(a)
by inserting, immediately after subsection (4), the following new subsection (4A):
“(4A) The chargeable income of an approved operational headquarters company, resident in Malaysia for the basis year for a year of assessment, in relation to the source consisting of the provision of qualifying services, after deduction of the tax thereon, shall be credited to an account to be kept by that company (that account and that company being referred to as the
“exempt account” and the “relevant company”
respectively).”; and
(b)
by substituting for subsection (6) the following:
“(6) Paragraphs 5 and 6 of Schedule 7A shall apply as if any reference in those paragraphs to any income exempted or which has become exempt under paragraph 3 were reference to income credited to the exempt account under subsection (4A) or income exempt under subsection (5).”.