Finance Act 2007 · s 33

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33.
Amendment of Schedule 1
Schedule 1 to the principal Act is amended—
(a)	 in Part I—
(i)	 in paragraphs 2 and 2a, by substituting for the words “27 per cent” wherever appearing the words “26 per cent for the year of assessment 2008 and 25 per cent for the subsequent years of assessment”; and
(ii)	 by inserting after paragraph 3 the following paragraph:
“4.  Income tax shall be charged for a year of assessment on the chargeable income of an operator from inward re-takaful business or offshore takaful business at the rate of 5 per cent on every ringgit of the chargeable income.”;

Act 683
(b)	 in Part X in subparagraph 1(b), by substituting for the words “27% of gross” the words “26% of gross for the year of assessment 2008 and 25% of gross for the subsequent years of assessment”; and
(c)	 by inserting after Part X the following Parts:
“Part XI
Notwithstanding Part I, income tax shall be charged on the income of—
(a)	 a participant other than a participant which is a resident company consisting of income distributed to that participant referred to in section 109e which is derived from Malaysia at the rate of .. .. ..8% of gross; and
(b)	 a participant which is a non-resident company consisting of income distributed to that participant referred to in section 109e which is derived from Malaysia at the rate of .. .. ..26% of gross for the year of assessment 2008 and 25% of gross for the subsequent years of assessment.

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s 33Amendment of Schedule 1

Schedule 1 to the principal Act is amended—

(a)

in Part I—

(i)

in paragraphs 2 and 2a, by substituting for the words “27 per cent” wherever appearing the words “26 per cent for the year of assessment 2008 and 25 per cent for the subsequent years of assessment”; and

(ii)

by inserting after paragraph 3 the following paragraph:

“4. Income tax shall be charged for a year of assessment on the chargeable income of an operator from inward re-takaful business or offshore takaful business at the rate of 5 per cent on every ringgit of the chargeable income.”;

(b)

in Part X in subparagraph 1(b), by substituting for the words “27% of gross” the words “26% of gross for the year of assessment 2008 and 25% of gross for the subsequent years of assessment”; and

(c)

by inserting after Part X the following Parts:

“Part XI

Notwithstanding Part I, income tax shall be charged on the income of—

(a)

a participant other than a participant which is a resident company consisting of income distributed to that participant referred to in section 109e which is derived from Malaysia at the rate of .. .. ..8% of gross; and

(b)

a participant which is a non-resident company consisting of income distributed to that participant referred to in section 109e which is derived from Malaysia at the rate of .. .. ..26% of gross for the year of assessment 2008 and 25% of gross for the subsequent years of assessment.