Section 7
Section 54a of the principal Act is amended—
(a)
by substituting for subsection (1) the following subsection:
“(1) Subject to the following subsections, where a person who is resident for the basis year for a year of assessment carries on the business of—
(a)
transporting passengers or cargo by sea on a
Malaysian ship; or
(b)
letting out on charter a Malaysian ship owned by him on a voyage or time charter basis, the statutory income for that year of assessment from that business shall be exempt from tax.”;
(b)
in subsection (3) by substituting for the words “the business of transporting passengers or cargo on board a Malaysian ship” the words “a business in respect of which his income is exempt under subsection (1)”;
and
(c)
in subsection (6)—
(i)
by substituting for the semicolon appearing at the end of the definition of “person” a full stop;
and
(ii)
by deleting the definition of “transporting passengers or cargo”.
Amendment of section 60