Malaysia legislation
Section 22
Section 22
Section 107c of the principal Act is amended—
(a)
in subsection (4b)—
(i)
in paragraph (b), by deleting the word “or” at the end of the paragraph;
(ii)
in paragraph (c), by substituting for the full stop at the end of the paragraph the words “; or”;
and
Act 851
(iii)
by inserting after paragraph (c) the following paragraph:
“(d) twenty per cent of the paid-up capital in respect of ordinary shares of the company at the beginning of the basis period for a year of assessment is directly or indirectly owned by one or more companies incorporated outside
Malaysia or by one or more individuals who are not citizens of Malaysia.”;
(b)
in subsection (7), by substituting for the words “the sixth month or the ninth month, or in both months” the words
“the sixth month, the ninth month or the eleventh month, or in all three months”; and
(c)
by inserting after subsection (11b) the following subsection:
“(11c) This section shall not apply to gains or profits from the disposal of a capital asset.”.
Amendment of section 112