Malaysia legislation
Section 44
Section 44
Amendment of section 29j
(a)
in subsection (2)—
(i)
by substituting for the words “section 27i” the words “subsection 27i(1)”; and
(ii)
in the national language text, by substituting for the words “dan keluaran digalakkan” the words
“atau keluaran digalakkan”;
(b)
by inserting after subsection (2) the following subsection:
“(2a) Where a company which has been granted approval under subsection 27i(1a) has incurred, in the basis period for a year of assessment in respect of a promoted activity or promoted product in relation to renewable energy for own consumption, capital expenditure for that purpose, the company shall be given for that year of assessment an investment tax allowance of one hundred per cent of that expenditure.”;
and
(c)
by inserting after subsection (3) the following subsection:
“(3a) An allowance for expenditure given under subsection (2a)—
(a)
shall be given only for the year of assessment in the basis period 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—
(i)
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 or promoted product, that expenditure shall be deemed to be incurred in the basis period in which it commences to carry on the business;
and
Promotion of Investments (Amendment)
(ii)
where the company incurs capital expenditure prior to its application under section 26i and the approval under section 27i, the allowance is granted retrospectively from the date such activity or product is prescribed by the
Minister as a promoted activity or promoted product under section 4d.”.
Deletion of section 29m