Finance Act 2007 · s 7

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7.
Amendment of section 27
Section 27 of the principal Act is amended—
(a)	 by inserting after subsection (1) the following subsection:

“(1a)  Where gross income from a source in Malaysia of a company consists of any amount of discount or premium from the subscription or issuance of bond, as the case may be, and first becomes receivable in the relevant period, that amount shall be deemed to accrue over the whole period of the bond and the gross income of the company for the relevant period that relates to the period of the bond shall be a sum to be determined in accordance with the following formula:
AXC
B where
A is the number of days in the relevant period that falls within the period of the bond;

B is the total number of days of the whole period of the bond; and

C is the total amount of discount or premium in respect of the bond:
	 Provided that the Director General may allow the company to consistently apply any other formula which is in accordance with the generally accepted accounting principles applicable during the relevant period.”;
(b)	 in subsection (2), by inserting after the words “subsection
(1)” the words “or (1a)”; and
(c)	 in subsection (3), by inserting after the words “subsection (1)”
the words “or (1a)”.

Finance 11

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s 7Amendment of section 27

Section 27 of the principal Act is amended—

(a)

by inserting after subsection (1) the following subsection:

“(1a) Where gross income from a source in Malaysia of a company consists of any amount of discount or premium from the subscription or issuance of bond, as the case may be, and first becomes receivable in the relevant period, that amount shall be deemed to accrue over the whole period of the bond and the gross income of the company for the relevant period that relates to the period of the bond shall be a sum to be determined in accordance with the following formula:

AXC

B where

A is the number of days in the relevant period that falls within the period of the bond;

B is the total number of days of the whole period of the bond; and

C is the total amount of discount or premium in respect of the bond:

Provided that the Director General may allow the company to consistently apply any other formula which is in accordance with the generally accepted accounting principles applicable during the relevant period.”;

(b)

in subsection (2), by inserting after the words “subsection

(1)

” the words “or (1a)”; and

(c)

in subsection (3), by inserting after the words “subsection (1)”

the words “or (1a)”.

Finance 11