Section 10 — AKTA KEWANGAN 1996

(a)

dengan menggantikan perenggan $ (3A)(b) $ dengan perenggan yang berikut:

(b)

deducting from that aggregate-

(i)

where paragraph (a)(ii) is applicable for that period to gross proceeds receivable in connection with any investments or rights, the cost of acquiring and realising those investments or rights; and

(ii)

so much of the amount transferred from the shareholders' fund as is equal to the actuarial deficit (subject to any adjustment as the Director General may think fit to make in accordance with the provisions of this Act) for that period arising from the life fund.";

(b)

dengan menggantikan perenggan $ (4\mathrm{A})(b) $ dengan perenggan yang berikut:

(b)

deducting from that aggregate-

(i)

where paragraph (a)(ii) is applicable for that period to gross proceeds receivable in connection with any investments or rights, the cost of acquiring and realising those investments or rights; and

(ii)

so much of the amount transferred from the shareholders' fund as is equal to the actuarial deficit (subject to any adjustment as the Director General may think fit to make in accordance with the provisions of this Act) for that period arising from the life fund."; dan

(c)

dengan menggantikan subseksyen (7) dengan subseksyen yang berikut:

" (7) Where an insurer carrying on general business has re-insured the risk or part of the risk with a re-insurer who either does not carry on the business of insuring risks of that kind in Malaysia or does not re-insure the risk through a branch in Malaysia, there may be deducted under subsection (5)(b)(ii) or (6)(b)(ii) in respect of such risks which are re-insured only ninety-five per cent of the amount which would otherwise be deductible:

Provided that in a case to which subsection (6), (6A) or (6B) applies—

(a)

the insurer may elect that no deductions shall be made under subsection (6)(b)(ii); and

(b)

where he does so—

(i)

the election shall be irrevocable and shall apply in relation to the basis period for the year of assessment for which it is made and for the basis periods for all subsequent years of assessment; and

(ii)

amounts recoverable under re-insurance contracts shall be disregarded for the purposes of subsection (6)(a)(iv)."