Section 4
Amendment of section 2
The Income Tax Act 1967, which is referred to as the “principal
Act” in this Chapter, is amended in section 2—
(a)
in subsection (1)—
(i)
by inserting after the definition of “business” the following definition:
‘ “Central Bank” means the Central Bank of Malaysia established under section 3 of the
Central Bank of Malaysia Act 1958 [Act 519]’;
and
(ii)
by inserting after the definition of “royalty” the following definition:
‘ “Securities Commission” means the Securities
Commission established under section 3 of the
Securities Commission Act 1993 [Act 498]’;
and
(b)
in subsection (8) by substituting for the words “in accordance with the principles of Syariah” the words “approved by the Central Bank or the Securities Commission, as a scheme which is in accordance with the principles of
Syariah where such disposal is strictly required for the purpose of complying with those principles but which will not be required in any other schemes of financing”.
Finance