Section 9 — AKTA KEWANGAN 2005

(a)

in subsection (1)—

(i)

in paragraph (b), by substituting for the words

“, 4A, 4B or 4C” the words “or 4B”;

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(ii)

in paragraph (c), by deleting the word “and” at the end of that paragraph;

(iii)

in paragraph (d)—

(A)

by substituting for the word “thereafter” the word “next”; and

(B)

by substituting for the full stop at the end of that paragraph the words “; and”; and

(iv)

by inserting after paragraph (d) the following paragraph:

“(e) thereafter, by any deduction falling to be so made pursuant to section 44A.”;

(b)

by inserting after subsection (5) the following subsections:

“(5A) The amount ascertained under subsection (4)

or (5) for any relevant year in respect of a company shall be disregarded for the purposes of section 43

unless the Director General is satisfied that the shareholders of that company on the last day of the basis period for that relevant year in which such amount is ascertained were substantially the same as the shareholders of that company on the first day of the basis period for the year of assessment in which such amount would otherwise be deductible under that section and such amount disregarded shall not be allowed as a deduction in subsequent years of assessment.

(5B)

For the purpose of subsection (5A)—

(a)

the shareholders of the company at any date shall be substantially the same as the shareholders at any other date if on both those dates—

(i)

more than fifty per cent of the paid-up capital in respect of the ordinary share of the company is held by or on behalf of the same persons; and

(ii)

more than fifty per cent of the nominal value of the allotted shares in respect of ordinary share in the company is held by or on behalf of the same persons; and

(b)

shares in the company held by or on behalf of another company shall be deemed to be held by the shareholders of the last mentioned company.

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(5C)

In subsection (5B), “ordinary share” means any share other than a share which carries only a right to any dividend which is of—

(a)

a fixed amount or at a fixed rate per cent of the nominal value of the shares; or

(b)

a fixed rate per cent of the profits of the company.

(5D)

Where there is a substantial change in the shareholders of a company referred to in subsection

(5A)

, the Minister may under special circumstances exempt that company from the provisions of that subsection.”; and

(c)

in subsection (8), by substituting for the words “and in respect of contributions to public libraries” the words

“, to public libraries”.

Special provision relating to section 44