Section 23
Schedule 1 to the principal Act is amended —
(a)
in Part I —
(i)
in paragraph 2A, in the column Rate of income tax in item 1, by substituting for the words “18 per cent” the words “17 per cent”;
(ii)
in paragraph 2D, in the column Rate of income tax in item 1, by substituting for the words “18 per cent” the words “17 per cent”;
(iii)
by substituting for paragraph 3 the following paragraph:
“3. Income tax shall be charged for a year of assessment on the chargeable income of an insurer from a re-insurance business at the rate of 8 per cent on every ringgit of the chargeable income.”; and
(iv)
by substituting for paragraph 4 the following paragraph:
“4. Income tax shall be charged for a year of assessment on the chargeable income of a takaful operator from a re-takaful business at the rate of 8 per cent on every ringgit of the chargeable income.”;
(aa) in Part V, by substituting for paragraph (ii) the following paragraph:
“(ii) amounts paid in consideration of any advice given, or assistance or services rendered in connection with the management or administration of any scientific, industrial or commercial undertaking, venture, project or scheme; or”;
(b)
by substituting for Part VIII the following Part:
Finance 27
“PART VIII
Notwithstanding Part I and Part II, income tax shall be charged on the chargeable income of a life fund, other than income arising from life re-insurance business of a resident or non-resident insurer at the rate of .. .. .. 8 per cent.”;
(c)
in Part IX, by inserting after the words “10 per cent” the words “for the years of assessment 2019 and 2020 and 24 per cent for the subsequent years of assessment”; and
(d)
by substituting for Part XII the following Part:
“PART XII
Notwithstanding Part I and Part II, income tax shall be charged on the chargeable income of a family fund referred to in section 60AA, other than income arising from a family re-takaful business of a resident or non-resident operator at the rate of .. .. .. .. .. .. ..8 per cent.”.
Amendment of Schedule 3