Malaysia legislation
Section 49
Section 49
Section 29o of the principal Act is amended—
(a)
by inserting after subsection (2) the following subsection:
"（2A）Notwithstanding subsection (2), for an application received from 8 September 2007 until 31 December 2010, the company shall be given for that year of assessment an investment tax allowance of one hundred per cent of that expenditure.";
(b)
by substituting for subsection (3) the following subsection:
“(3) An allowance for expenditure given under subsection (2) or (2A)—
(a)
shall be given only in the basis period for the year of assessment for which that expenditure was incurred; and
(b)
shall be given in respect of expenditure incurred within five years from the date from which the approval is to take effect:
Provided that where a company incurs capital expenditure from the date from which the approval is to take effect referred to in paragraph (b) in relation to a business which it is about to carry on in respect of a promoted activity, that expenditure shall be deemed to be incurred in the basis period in which it commences to carry on the business and where the company incurs capital expenditure—
(i)
prior to its application under section 26N and the approval under paragraph (a) of the proviso to subsection 27N(1), the allowance is granted retrospectively from a date not earlier than 1 October 2005; or
(ii)
prior to its application under section 26N and the approval under paragraph (aa) of the proviso to subsection 27N(1), the allowance is granted retrospectively from a date not earlier than 8 September 2007.";
(c)
by substituting for subsection (6) the following subsection:
"（6）For the purposes of subsection (2) and subparagraph (3)(b)(i) of the proviso, subsections 29A(5), (6) and (7) shall apply mutatis mutandis."; and
(d)
by inserting after subsection (6) the following subsection:
“(7) For the purposes of subsection (2A) and subparagraph (3)(b)(ii) of the proviso, subsections 29AA(4), (5) and (6) shall apply mutatis mutandis."
Deletion of section 29P