Section 36 — AKTA KEWANGAN 2017

(a)

in subparagraph 1(1), in the definition of “Islamic bank”, by substituting for the words “has the meaning assigned to it under the Islamic Banking Act 1983 [Act 276]” the words “means a licensed Islamic bank under the Islamic

Financial Services Act 2013 [Act 759]”;

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Act 785

(b)

in paragraph 6, by inserting after subparagraph (1) the following subparagraph:

“(1A) For the purposes of subsubparagraph (1)(e)—

(a)

if for a year of assessment a disposer has incurred expenditure for the purposes of the acquisition or the disposal of an asset and the input tax on the asset is subject to any adjustment made under the

Goods and Services Tax Act 2014, the amount of such expenditure in relation to that asset shall include the amount of input tax as determined by the adjustment made in the year of assessment in which the disposal is made or the year of assessment in which the period of adjustment relating to the asset as provided under the Goods and Services Tax Act 2014 ends, whichever is the earlier; and

(b)

in the event that the adjustment of the amount of the input tax results in—

(i)

an additional amount, such amount shall be deemed to be part of the amount of the expenditure incurred; or

(ii)

a reduced amount, the expenditure incurred shall be reduced by such an amount.”;

(c)

in paragraph 7—

(i)

by renumbering the existing paragraph 7 as subparagraph 7(1);

(ii)

by inserting after subparagraph 7(1) as renumbered the following subparagraph:

“(2) For the purposes of subsubparagraph (1)(d)—

(a)

if for a year of assessment a disposer has incurred expenditure for the purposes of the acquisition or the disposal of an asset and the input tax on the asset is subject to any adjustment made under the Goods and Services Tax Act 2014, the amount of such expenditure in relation to that asset shall include the amount of input tax as determined by the adjustment made in the year of assessment in which the disposal is made or the year of assessment in which the period of adjustment relating to the asset as provided under the Goods and Services Tax

Act 2014 ends, whichever is the earlier; and

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(b)

in the event that the adjustment of the amount of the input tax results in—

(i)

an additional amount, such amount shall be deemed to be part of the amount of the expenditure incurred; or

(ii)

a reduced amount, the expenditure incurred shall be reduced by such an amount.”; and

(d)

in subparagraph 12(2)—

(i)

in subsubparagraph (a), by substituting for the words “the disposal;” the words “the disposal if the donor is a citizen; and”;

(ii)

by deleting subsubparagraph (b); and

(iii)

in subsubparagraph (c), by substituting for the words “in the case of a donor who is a citizen or a permanent resident and” the word “where”.