Malaysia legislation

Section 5

of FINANCE ACT 2023

Section 5

Section 49 of the principal Act is amended—

(a)

in subsection (1)—

(i)

in paragraph (a), by inserting after the words

“any insurance” the words “or any voluntary contribution made by that individual to the

Employees Provident Fund or for both”; and

(ii)

in paragraph (b), by inserting after the words

“in respect of” the words “any voluntary or obligatory”;

(b)

in subsection (1a)—

(i)

by inserting after paragraph (a) the following paragraph:

“(aa) the total amount of deduction for voluntary contribution to the Employees Provident

Fund under paragraph (1)(a) shall not include the amount of deduction for voluntary contribution to the Employees

Provident Fund under paragraph (1)(b)

made by an individual who is an employee or a self-employed person within the meaning of the Employees Provident

Fund Act 1991, or a pensionable officer within the meaning of section 2 of the

Pensions Act 1980;”;

(ii)

in paragraph (b), by substituting for the semi colon at the end of the paragraph a full stop;

and

(iii)

by deleting paragraph (c); and

10

Act 845

(c)

in subsection (2)—

(i)

by inserting after the words “other than voluntary contributions” the words “to the Employees

Provident Fund”; and

(ii)

by substituting for the words “a self-employed person within the meaning of the Employees

Provident Fund Act 1991 or a pensionable officer within the meaning of section 2 of the Pensions

Act 1980” the words “any individual”.

Amendment of section 77

Section 5 — AKTA KEWANGAN 2023 | mylaw.my