Finance Act 1994 · Updated to 1 Jan 2006 · Chapter II · Amendments to the Income Tax Act 1967
Finance Act 1994 · Updated to 1 Jan 2006 · Chapter II · Amendments to the Income Tax Act 1967
Official textFrom Laws of Malaysia Online, unchanged
Section 108 of the principal Act is amended²
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
the amount in fact paid or credited; or
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
, as the case may be, shall be deemed to have been deducted from the dividend as tax.´; and
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.´.
Chapter III