AKTA KEWANGAN 1996

Perenggan 10(a), 10(b), 11(a), 11(b) dan 16(c) hendaklah berkuatkuasa bagi tahun taksiran 1995 dan tahun-tahun taksiran yang berikutnya.

Seksyen 17 hendaklah berkuatkuasa bagi tahun taksiran 1997 dan tahun-tahun taksiran yang berikutnya.

dengan menggantikan noktah di hujung perenggan (g) dengan koma bernoktah; dan

dengan memasukkan selepas perenggan (g) perenggan yang berikut:

" (h) income tax shall be charged for each year of assessment upon the chargeable income of a foreign fund management company in relation to the source consisting of the provision of fund management services to foreign investors for that year at the appropriate rate as specified in Part IX of Schedule 1. "

dalam perenggan (c) dengan menggantikan perkataan "one" dengan perkataan "five"; dan

dalam perenggan (d) dengan menggantikan perkataan "three" dengan perkataan "five".

dalam subseksyen (1) dengan menggantikan proviso kepada subseksyen itu dengan proviso yang berikut:

"Provided that where a wife living together with her husband is assessed separately for any year of assessment on her income, she may elect in writing that the appropriate deduction be wholly allowed to her for that year of assessment.";

dalam perenggan (2)(b) dengan menggantikan perkataan "one thousand six hundred" dengan perkataan "five thousand"; dan

dengan menggantikan subseksyen (9) dengan subseksyen yang berikut:

" (9) In this section "child", in relation to an individual or his wife, means a legitimate child or step-child of his or his wife, or a child proved to the satisfaction of the Director General to have been adopted by the individual or his wife in accordance with any law.".

dengan memasukkan selepas subseksyen (1A) subseksyen yang berikut:

dengan memotong subseksyen (2); dan

dalam perenggan (3)(b) dengan memasukkan selepas perkataan "paragraph (a)" perkataan "and any premium for any insurance on education or medical benefits".

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

deducting from that aggregate-

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

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

deducting from that aggregate-

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

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—

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

where he does so—

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

dalam takrif "qualifying services" dengan menggantikan perenggan (b) dengan perenggan yang berikut:

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, the funds for providing such facilities can be obtained from outside Malaysia or within Malaysia and where such funds are obtained from within Malaysia the amount shall not exceed ten million ringgit; and"; dan

dalam takrif "related company"—

dengan menggantikan noktah bertindih di hujung perenggan (c) dengan noktah; dan

The chargeable income in relation to the source consisting of the provision of fund management services to foreign investors for a year of assessment shall be the statutory income from that source reduced by any deduction falling to be made pursuant to section 43(2) relating to that source.

The chargeable income in relation to the source or sources other than the source consisting of the provision of fund management services to foreign investors for a year of assessment shall be the statutory income from that source or the aggregate of the statutory income from each of those sources, as the case may be, reduced by any deductions falling to be made pursuant to sections 43(2) and 44(1):

Provided that in so making the deductions under sections 43(2) and 44(1), no regard shall be had to the adjusted loss, if any, from the source consisting of the provision of fund management services to foreign investors.

The chargeable income of a foreign fund management company, resident in Malaysia for the basis year for a year of assessment in relation to the source consisting of the provision of fund management services to foreign investors, 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).

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 of that Schedule were a reference to income credited to the exempt account of the relevant company under subsection (4).

For the purposes of this section—

"foreign fund management company" means a company—

dalam perenggan 1 Bahagian I dengan menggantikan kadar-kadar itu dengan kadar-kadar yang berikut:

“Chargeable IncomeRMRate of Income TaxFor every ringgit of the first2,5000 per centFor every ringgit of the next2,5002 per centFor every ringgit of the next5,0004 per centFor every ringgit of the next10,0006 per centFor every ringgit of the next15,00010 per centFor every ringgit of the next15,00016 per centFor every ringgit of the next20,00021 per centFor every ringgit of the next30,00026 per centFor every ringgit of the next50,00029 per centFor every ringgit exceeding150,00030 per cent”;

dalam Bahagian IV dengan menggantikan kadar itu dengan kadar-kadar yang berikut:

“Chargeable IncomeRMRate of Income TaxFor every ringgit of the first10,0000 per centFor every ringgit of the next10,0002 per centFor every ringgit of the next10,0005 per centFor every ringgit of the next10,0008 per centFor every ringgit of the next10,00011 per centFor every ringgit of the next25,00014 per centFor every ringgit of the next25,00018 per centFor every ringgit of the next50,00022 per centFor every ringgit of the next100,00025 per centFor every ringgit of the next250,00028 per centFor every ringgit exceeding500,00030 per cent'; dan

dengan memasukkan selepas Bahagian V111 Bahagian yang berikut:

dengan memotong subperenggan 37B(c);

dengan memasukkan selepas perenggan 37D perenggan yang berikut:

" Qualifying expenditure: Building used for approved service project

dengan memasukkan selepas perenggan 42A perenggan yang berikut:

"42B. Where in the basis period for a year of assessment a person has for the purposes of a business of his incurred capital expenditure on the construction or purchase of a building for a school or an educational institution approved by the Minister of Education or any relevant authority, that building shall be treated as an industrial building for the purposes of that business and there shall be substituted for the amount of the allowance which would otherwise fall to be made to him under paragraph 12, 16, 17 or 42 an allowance equal to one-tenth of the qualifying expenditure for that year and for each of the nine following years of assessment.

dalam perenggan 33 dengan memasukkan selepas perkataan "banking" perkataan "or finance";

dalam perenggan 35 dengan memasukkan selepas perkataan "individual" perkataan ", unit trust and listed closed-end fund"; dan

dengan memasukkan selepas perenggan 36 perenggan yang berikut:

"For the purposes of this paragraph "Malaysian life insurers" means life insurers and takaful operators whose ownership or membership are held in majority by Malaysian citizens.".

dalam perenggan 1 dengan menggantikan perkataan "fifty" yang terdapat selepas perkataan "reinvestment allowance of". dengan perkataan "sixty";

dengan memasukkan selepas perenggan 1 perenggan yang berikut:

"1A. Where a company which is resident in Malaysia for the basis year for a year of assessment has incurred in the basis period for that year of assessment, capital expenditure in relation to an agricultural project in Malaysia for the purposes of any qualifying project there shall be given to the company for that year of assessment a reinvestment allowance of sixty per cent of that expenditure.";

dengan menggantikan perenggan 2 dan 3 dengan perenggan yang berikut:

"2. Subject to paragraph 4 an allowance given under paragraph 1 or 1A for expenditure incurred in relation to any qualifying project shall be given only for the

Kewangan year of assessment in the basis period for which that expenditure was incurred-

where paragraph 1 applies, only in respect of expenditure incurred from the first of January 1979; or

where paragraph 1^a applies, only in respect of expenditure incurred from the first of January 1996.

dalam perenggan 4 dengan menggantikan perkataan "adjusted income" di mana-mana jua terdapat dengan perkataan "statutory income";

dalam perenggan 7—

dengan memotong perkataan "or" di hujung subperenggan (d);

in respect of qualifying expenditure on an approved agricultural project which has been given a deduction under Schedule 4A. ";

dalam perenggan 8—

dengan memotong perkataan "or" di hujung subperenggan (a);

the clearing and preparation of land;

the planting of crops;

the provision of irrigation or drainage systems;

the provision of plant and machinery;

the construction of access roads including bridges; or

the construction or purchase of buildings (including those provided for the welfare of persons or as living accommodation for persons) and structural improvements on land or other structures.

for the purposes of any of the following activities:

(aa) cultivation of rice and maize;

(bb) cultivation of vegetables, tuber and roots;

dengan memasukkan selepas perenggan 8 perenggan yang berikut:

"9. In this Schedule—

"capital expenditure", in relation to an agricultural project referred to in paragraph 1A, means capital expenditure incurred in respect of—