Finance Act 2007 · s 40

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s 40Dividend paid by company

(1)

Where—

(a)

a dividend is paid by a company to any of its shareholders at any time during the period from 1 January 2008 to 31 December 2013; and

Finance 45

(b)

the company has a 108 balance or revised 108 balance on the day before the dividend is paid, and, if the dividend is deemed by virtue of section 14 of the principal Act to be derived from Malaysia, the company shall be entitled to deduct tax at the rate applicable to the company at the date the dividend is paid.

(2)

The dividend paid under subsection (1) shall consist of dividend paid in cash in respect of ordinary shareholding.

(3)

In this Part, “ordinary shareholding” means holding of share other than share which carries only a right to any dividend which is of a fixed amount or at a fixed rate per cent of the nominal value of the shares, or a fixed rate per cent of the profits of the company.