Malaysia legislation
Section 52
Section 52
Section 70 of the principal Act is amended—
(a)
by substituting for subsection (1) the following subsection:
“(1) In relation to goods that have been approved by the proper officer of customs to be deposited in a warehouse, there shall be a scheme to be known as the “Warehousing Scheme” which allows—
(a)
tax due and payable on the goods that have been imported to be suspended when such goods are deposited in the warehouse; and
(b)
tax chargeable on any supply of taxable goods made within or between the warehouse to be disregarded.”;
(b)
by inserting after subsection (1) the following subsection:
“(1A) The Warehousing Scheme under subsection (1)
shall not be applicable to goods as may be prescribed.”;
(c)
by substituting for subsection (2) the following subsection:
“(2) Tax shall be due and payable upon all goods removed from a warehouse to all intents as if the removal were importation into Malaysia unless the goods are removed for export, for deposit to another warehouse, to a free zone or to a designated area with the approval of the proper officer of customs.”;
(d)
by deleting subsection (3);
(e)
in subsection (4)—
(i)
by deleting the words “from a Warehousing
Scheme”;
(ii)
by substituting for the words “and duty” the words
“from a warehouse”;
Finance 51
(iii)
in paragraph (b)—
(A)
by deleting the words “customs warehouse or licensed” wherever appearing; and
(B)
in the national language text, by substituting for the word “disimpan” the word
“dideposit”; and
(iv)
in paragraph (c), by inserting after the word
“Malaysia” the words “for removal to a designated area or to a free zone”;
(f)
by deleting subsection (5); and
(g)
in subsection (7), by deleting paragraph (d).
Amendment of section 72