Section 27

by substituting for paragraph 28 the following paragraph:

“28.  The income arising from sources outside Malaysia and received in Malaysia by any person who is not resident in Malaysia.”;

Finance 25

in paragraph 33a, by substituting for subparagraph (2)

the following subparagraph:

“(2)  The exemption under subparagraph (1) shall not apply to—

interest paid or credited to a company in the same group; or

interest paid or credited by a special purpose vehicle to a company pursuant to the issuance of asset-backed securities lodged with the Securities Commission

Malaysia from 1 January 2022 where the company and the person who established the special purpose vehicle solely for the issuance of the asset-backed securities are in the same group.”;

in paragraph 33b—

in subsubsubparagraph (2)(b)(iii), by substituting for the full stop at the end of that subsubsubparagraph the words “; or”; and

by inserting after paragraph 36 the following paragraph:

“37.  In this Schedule, “special purpose vehicle” means a company incorporated under the Companies Act 2016 or a company incorporated under the Labuan Companies Act 1990

[Act 441] which has made an election under section 3a of the Labuan Business Activity Tax Act 1990 and established solely for the purpose of issuance of sukuk or debenture for asset-backed securities in a securitization transaction lodged with the Securities Commission Malaysia or approved by the Labuan Financial Services Authority.”.

Act 833

Amendment of Schedule 7a