Section 25

For the purpose of subsection (1), where the balance of allowances referred to in that subsection is in respect of more than one Malaysian ships, such balance of allowances shall be apportioned to each of the ships in accordance with the following formula:

A x C

B where A is the gross income of a person in respect of a

Malaysian ship for the year of assessment 2011;

B is the total gross income of a person in respect of all Malaysian ships for the year of assessment 2011;

and

C is the balance of allowances for the year of assessment 2011 in respect of any Malaysian ship referred to under paragraph 54a(2)(a) of the principal Act prior to the amendment of that paragraph under section 11

of this Act, and the amount apportioned to each of the ships shall be made to that person in ascertaining the statutory income of that person from a source consisting of the same ship in the year of assessment 2012, and if by reason of an insufficiency or absence of that statutory income of that person from that source, effect cannot be given or cannot be given in full to any of the apportioned sum, so much of the sum which has not been so made shall be made in arriving at the statutory income of that person from that source for the year of assessment 2013 and so on for subsequent years of assessment until the whole amount of the apportioned sum is fully made to that person.

Subject to subsection (4), the balance of adjusted loss in respect of any Malaysian ship for the year of assessment 2011

referred to under paragraph 54a(2)(b) of the principal Act prior to the amendment of that paragraph under section 11 of this

Act, shall be deducted against the statutory income of a person which is exempt for the year of assessment 2012 from a source consisting of that ship only.

Act 742

For the purpose of subsection (3), where the balance of adjusted loss referred to in that subsection is in respect of more than one Malaysian ships, such balance of adjusted loss shall be apportioned to each of the ships in accordance with the following formula:

A x C

B where A is the gross income of a person in respect of a

Malaysian ship for the year of assessment 2011;

B is the total gross income of a person in respect of all Malaysian ships for the year of assessment 2011;

and

C is the balance of loss for year of assessment 2011

in respect of any Malaysian ship referred to under paragraph 54a(2)(b) of the principal Act prior to the amendment of that paragraph under section 11 of this Act, and the amount apportioned to each of the ships shall be deducted against the statutory income of that person which is exempt from a source consisting of the same ship in the year of assessment 2012 and if by reason of an insufficiency or absence of that statutory income, effect cannot be given or cannot be given in full to any of the apportioned sum, so much of the sum which has not been so deducted shall be deducted against the statutory income of that person from that source which is exempt for the year of assessment 2013 and so on for subsequent years of assessment until the whole amount of the apportioned sum is fully deducted.