Malaysia legislation
Section 13
Section 13
Amendment of section 60E
(a)
in the definition of ³approved operational headquarters company´, by substituting for the comma in paragraph
(c)
a semicolon;
(b)
in the definition of ³approved operational headquarters company´, by deleting the words ³but does not include a company which carries on a finance business or which provides professional services;´; and
(c)
in the definition of ³qualifying services´, by substituting for paragraph (b) the following paragraph:
³(b) provision of treasury and fund management services to its offices outside Malaysia or its related companies outside Malaysia and, where such services include the provision of credit facilities, where the funds for providing such facilities are obtained from outside Malaysia; and´.
Amendment of section 76 14.
Section 76 of the principal Act is amended²
(a)
by substituting for the full stop at the end of subsection
(1)
a colon; and
(b)
by inserting after subsection (1) the following proviso:
³Provided that where no such nomination has been made by a Ruler or Ruling Chief, section 66 shall apply to such Ruler or Ruling Chief.´.
Finance
Amendment of section 108 15.
Section 108 of the principal Act is amended²
(a)
by inserting after subsection (2B) the following subsection:
³(2C) Notwithstanding any other provision of this Act, where a dividend is paid, credited or distributed with or without deduction of tax during the basis year for the year of assessment 1994, the amount of the dividend received by the shareholder shall be deemed to be a dividend of such a gross amount as after deduction of tax at the rate of thirty-two per cent would be equal to²
(a)
the amount in fact paid or credited; or
(b)
where the dividend consists of property other than money, the amount of the market value of that property at the time of the dividend¶s distribution, and a sum equal to the difference between that gross amount and the amount mentioned in paragraph (a) or
(b)
, as the case may be, shall be deemed to have been deducted from the dividend as tax.´; and
(b)
by inserting after subsection (4B) the following subsection:
³(4C) In any case where tax has been deducted or deemed to have been deducted at the rate of thirty-four per cent on any dividend paid, credited or distributed during the basis year for the year of assessment 1994 to which subsection (2C) applies, the compared total shall be determined at the rate of thirty-two per cent.´.
Amendment of section 110 16.
Section 110 of the principal Act is amended by inserting after subsection (1B) the following subsection:
³(1C) Notwithstanding subsection (1), where tax on any dividend paid, credited or distributed during the basis year for the year of assessment 1994 has been deducted at the rate of thirty-four per cent, the tax to be set off under subsection (1)
shall be the sum deemed to be the tax deducted from such dividend under subsection 108(2C).´.
Amendment of section 112 17.
Subsection 112(1) of the principal Act is amended by substituting for the words ³not exceeding one thousand ringgit´
the words ³of not less than two hundred ringgit and not more than two thousand ringgit´.
Amendment of section 113 18.
Subsection 113(1) of the principal Act is amended by substituting for the words ³not exceeding five thousand ringgit´
the words ³of not less than one thousand ringgit and not more than ten thousand ringgit´.
Amendment of section 114 19.
Subsection 114(1) of the principal Act is amended by substituting for the words ³not exceeding ten thousand ringgit´ the words ³of not less than one thousand ringgit and not more than twenty thousand ringgit´.
Amendment of section 115 20.
Subsection 115(1) of the principal Act is amended by substituting for the words ³not exceeding one thousand ringgit´
the words ³of not less than two hundred ringgit and not more than two thousand ringgit´.
Amendment of section 116 21.
Section 116 of the principal Act is amended by substituting for the word ³two´ the word ³four´.
Amendment of section 117 22.
Subsection 117(1) of the principal Act is amended by substituting for the word ³two´ the word ³four´.
Amendment of section 118 23.
Section 118 of the principal Act is amended by substituting for the word ³ten´ the word ³twenty´.
Finance
Amendment of section 119 24.
Section 119 of the principal Act is amended by substituting for the word ³ten´ the word ³twenty´.
Amendment of section 120 25.
Section 120 of the principal Act is amended by substituting for the words ³not exceeding one thousand ringgit´ the words ³of not less than two hundred ringgit and not more than two thousand ringgit´.
Amendment of Schedule 1 26.