Finance Act 2007 · s 51

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51.
Set-off under section 110
(1)	 Section 110 of the principal Act, prior to the amendment of that section under this Act, shall apply to a person other than an offshore company (excluding chargeable offshore company)
in respect of any tax deducted under this Part:
	 Provided that that person shall not be entitled to any set-off under that section if—
(a)	 in the case where section 40 applies, dividend is paid to that person during the period from the date that person acquires the shares from which such dividend is paid to the date of the disposal of such shares and that period is less than 90 days; or
(b)	 the dividend paid is not in respect of dividend derived from ordinary shareholding.
(2)	 For the purpose of this section—
(a)	 any reference in subsection 110(1) of the principal Act prior to the amendment of that section under this Act to
“tax which is deducted from any dividend under section 108” shall be construed as references to “tax which is deducted from any dividend under section 40 or 41 of this Part”;

Act 683
(b)	 any reference in subsection 110(13) of the principal
Act prior to the amendment of that section under this
Act to “tax has been deducted under subsection 108(1) or deemed to have been deducted under subsection 108(2)”
and “excess referred in subsection 108(6) or (9)” shall be construed as references to “tax which is deducted or would be deducted under section 40 or 41 of this
Act” and “excess in section 48 of this Act” respectively;
and
(c)	 acquisition of shares referred to in paragraph (1)(a) shall not include acquisition of shares in the company listed on
Bursa Malaysia.

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s 51Set-off under section 110

(1)

Section 110 of the principal Act, prior to the amendment of that section under this Act, shall apply to a person other than an offshore company (excluding chargeable offshore company)

in respect of any tax deducted under this Part:

Provided that that person shall not be entitled to any set-off under that section if—

(a)

in the case where section 40 applies, dividend is paid to that person during the period from the date that person acquires the shares from which such dividend is paid to the date of the disposal of such shares and that period is less than 90 days; or

(b)

the dividend paid is not in respect of dividend derived from ordinary shareholding.

(2)

For the purpose of this section—

(a)

any reference in subsection 110(1) of the principal Act prior to the amendment of that section under this Act to

“tax which is deducted from any dividend under section 108” shall be construed as references to “tax which is deducted from any dividend under section 40 or 41 of this Part”;

(b)

any reference in subsection 110(13) of the principal

Act prior to the amendment of that section under this

Act to “tax has been deducted under subsection 108(1) or deemed to have been deducted under subsection 108(2)”

and “excess referred in subsection 108(6) or (9)” shall be construed as references to “tax which is deducted or would be deducted under section 40 or 41 of this

Act” and “excess in section 48 of this Act” respectively;

and

(c)

acquisition of shares referred to in paragraph (1)(a) shall not include acquisition of shares in the company listed on

Bursa Malaysia.