Malaysia legislation
Section 33
Section 33
schedule 1 to the principal Act is amended—
(a)
in Part i, by substituting for paragraph 1 the following paragraph:
“1. except where paragraphs 1a, 2, 2a and 3 provide otherwise, income tax shall be charged for a year of assessment upon the chargeable income of every person at the following rates:
Chargeable Income
Rate of
Income Tax for every ringgit of the first 5,000 0 per cent for every ringgit of the next 15,000 2 per cent
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Act 755
Chargeable Income
Rate of
Income Tax for every ringgit of the next 15,000 6 per cent for every ringgit of the next 15,000 11 per cent for every ringgit of the next 20,000 19 per cent for every ringgit of the next 30,000 24 per cent for every ringgit exceeding 100,000 26 per cent”;
(b)
in paragraph 2—
(i)
by substituting for the comma at the end of subparagraph (e) a semicolon; and
(ii)
by inserting after subparagraph (e) the following subparagraph:
“(f) a limited liability partnership other than a limited liability partnership to which paragraph 2d applies.”;
(c)
by inserting after paragraph 2c the following paragraphs:
“2d. subject to paragraphs 2e, 2f and 3, income tax shall be charged for a year of assessment on the chargeable income of a limited liability partnership resident in malaysia which has a total contribution of capital (whether in cash or in kind) of two million five hundred thousand ringgit and less at the beginning of the basis period for a year of assessment at the following rates:
Chargeable Income
Rate of
Income Tax for every ringgit of the first 500,000 20 per cent for every ringgit exceeding 500,000 25 per cent 2e. the provisions of paragraph 2d shall not apply to a limited liability partnership referred to in that paragraph if more than—
(a)
fifty per cent of the capital contribution (whether in cash or in kind) of the limited liability partnership is directly or indirectly contributed by a company;
(b)
fifty per cent of the paid up capital in respect of ordinary shares of the company is directly or indirectly owned by the limited liability partnership; or
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Finance
(c)
fifty per cent of the capital contribution (whether in cash or in kind) of the limited liability partnership and fifty per cent of the paid up capital in respect of ordinary shares of the company is directly or indirectly owned by another company.