Section 12
Section 44A of the principal Act is amended —
(a)
in subsection (1), by inserting after the word “may” the words
“, for the basis period for three consecutive years of assessment,”;
(b)
by inserting after subsection (1) the following subsection:
“(1A) For the purpose of subsection (1), the basis period for three consecutive years of assessment commences —
(a)
immediately following the basis period for a year of assessment the surrendering company first commences operation, provided that the basis period consists of a period of twelve months; or
(b)
immediately following the second basis period the surrendering company first commences operation (in this paragraph referred to as the
“second basis period”), if the basis period for a year of assessment the surrendering company
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first commences operation is less or more than twelve months and the second basis period consists of a period of twelve months.”;
(c)
in subsection (10), by inserting after paragraph (a) the following paragraph:
“(aa) has unutilized investment tax allowance or adjusted loss from a pioneer business under the Promotion of
Investments Act 1986;”; and
(d)
in subsection (12) —
(i)
in the definition of “ordinary shares”, by deleting the word “nominal”; and
(ii)
in the definition of “residual profits”, by deleting the word “nominal”.