Section 50
Schedule 2 to the principal Act is amended—
(a)
in subparagraph 1(1)—
(i)
by inserting after the definition of “connected person” the following definition:
‘ “co-operative society” means any co-operative society registered under the Co-operative
Societies Act 1993 [Act 502];’;
Finance (No. 2)
(ii)
in the English language text, in the definition of
“relative”, by substituting for the full stop at the end of that definition a semi colon; and
(iii)
by inserting after the definition of “relative” the following definition:
‘ “trust body” has the meaning assigned to it under the Income Tax Act 1967.’; and
(b)
in paragraph 34a, by inserting after subparagraph (5) the following subparagraph:
“(5a) This paragraph shall not apply to an acquisition or a disposal of any shares by a company, limited liability partnership, trust body or co-operative society, other than a Labuan entity as provided under section 2b of the Labuan Business Activity Tax Act 1990, on or after 1 January 2024.”.