Finance Act 2007 · s 19

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19.
Amendment of section 107c
Section 107c of the principal Act is amended—
(a)	 in subsection (2), by inserting after the words “paragraph (4)(a)”
 the words “and subsection (4a)”;
(b)	 in subsection (4), by inserting after the word “company”
wherever appearing the words “, other than a company to which subsection (4a) applies”; and
(c)	 by inserting after subsection (4) the following subsection:

“(4a)  Where a company first commences operation in a year of assessment, subsections (1), (2) and (3)
shall not apply to the company—
(a)	 for that year of assessment and the immediate following year of assessment; or

Act 683
(b)	 where the company has no basis period for that year of assessment, for the immediate two following years of assessment:

Provided that at the beginning of the basis period for the years of assessment referred to in paragraph (a)
or for the two following years of assessment referred to in paragraph (b), the paid-up capital of that company in respect of ordinary shares is two million five hundred thousand ringgit and less.”.

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s 19Amendment of section 107c

Section 107c of the principal Act is amended—

(a)

in subsection (2), by inserting after the words “paragraph (4)(a)”

the words “and subsection (4a)”;

(b)

in subsection (4), by inserting after the word “company”

wherever appearing the words “, other than a company to which subsection (4a) applies”; and

(c)

by inserting after subsection (4) the following subsection:

“(4a) Where a company first commences operation in a year of assessment, subsections (1), (2) and (3)

shall not apply to the company—

(a)

for that year of assessment and the immediate following year of assessment; or

(b)

where the company has no basis period for that year of assessment, for the immediate two following years of assessment:

Provided that at the beginning of the basis period for the years of assessment referred to in paragraph (a)

or for the two following years of assessment referred to in paragraph (b), the paid-up capital of that company in respect of ordinary shares is two million five hundred thousand ringgit and less.”.