Malaysia legislation
Section 50
Section 50
The Sales Tax Act 1972 is amended in section 31c—
(a)
in the shoulder note, by inserting after the word “for”
the words “doubtful debt or”;
(b)
in paragraph (1)(b), by inserting after the words “such person” the words “has been provided in his accounts as doubtful debt or”; and
(c)
by substituting for subsection (4) the following subsection:
“(4) For the purpose of this section—
“bad debt” means the outstanding amount of the payment in respect of the sale of taxable goods including the sales tax which is due to the person but has not been paid to, and is irrecoverable by the person;
“doubtful debt” means a provision made with respect to the outstanding amount in the person’s accounts consistent with the generally accepted accounting principles.”.