Malaysia legislation
Section 6
Section 6
Section 49 of the principal Act is amended—
(a)
in paragraph (1)(a), by inserting after the word “annuity”
the words “other than an insurance policy to which subsection (1C) applies”;
(b)
in subsection (1A), by substituting for the words “section 50(3)(b) or (c)” the words “subsection 50(2) or 50(3)”;
(c)
in subsection (1B)—
(i)
in paragraph (a), by substituting for the word “two”
the word “three”;
7
Finance
(ii)
in paragraph (b)—
(A)
by substituting for the words “section 50(3)(b)” the words “subsection 50(2)”; and
(B)
by substituting for the word “two” the word
“three”; and
(iii)
in the proviso, by substituting for the word “two”
the word “three”;
(d)
by inserting after subsection (1B) the following subsection:
“(1C) In the case of an individual resident for the basis year for a year of assessment who in that basis year has utilized any amount standing to his credit in the Employees Provident Fund to purchase an insurance policy determined by the Employees Provident Fund
Board, there shall be allowed for that year of assessment a deduction of one thousand ringgit and where subsection 50(2) applies there shall be allowed for that year of assessment, in addition to the deduction already allowed under this subsection, a deduction of one thousand ringgit:
Provided that where the wife has no total income the total deduction under this subsection shall not exceed one thousand ringgit.”; and
(e)
in subsection (3), by substituting for the words ‘this section “insurance” and “deferred annuity”, in relation to an individual claiming a deduction under subsection (1),’
the words ‘relation to an individual claiming a deduction under subsection (1), “insurance” and “deferred annuity” ’.
Substitution of section 50