Malaysia legislation
Section 2A
of PERINTAH CUKAI PENDAPATAN (PENGECUALIAN) (NO. 2) 2015 (PINDAAN) 2018
Seksyen 2A
Qualifying company means a company—
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(a)
incorporated under the Companies Act 2016 [Act 777];
(b)
resident in Malaysia;
(c)
which has made an application to the Minister of Finance and
Minister of Trade and Industry to be awarded the status of a
Multimedia Super Corridor company on or after 1 January 2015 and has not carried out qualifying activity at the time the application was made;
(d)
has been awarded the status of a Multimedia Super Coridor company on or after 30 June 2018; and
(e)
which fulfills the following requirements:
(i)
has an approved adequate number of full time employees in
Malaysia to carry on the qualifying activity; and
(ii)
incurs an approved adequate amount of annual operating expenditure to carry on the qualifying activity or an approved adequate investment in fixed asset in Malaysia to carry on the qualifying activity.”.
Amendment of paragraph 3 5.
Paragraph 3 of the principal Order is amended—
(a)
in subparagraph (1) by substituting for the words “The Minister exempts”
the words “Subject to this paragraph and paragraphs 3A and 5, the Minister exempts”; and
(b)
by inserting after subparagraph (2) the following subparagraph:
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“(2A) Subject to subparagraph (2B), where the qualifying company has been granted an exemption by the Minister under subparagraph (1) on or before 16 October 2017, the requirements for the qualifying company referred to in subparagraph 2A(e) in this Order shall not apply to that qualifying company until 30 June 2021.
(2B)
Where the qualifying company carries on a new qualifying activity after 16 October 2017, subparagraph (2A) shall not apply and the qualifying company shall be granted an exemption under subparagraph
(1)
in relation to that new qualifying activity until 31 December 2018.
(2C)
Where the qualifying company has been granted an exemption under subparagraph
(1)
after 16
October 2017, the requirements referred to in subparagraph 2A(e) in this Order shall not apply to that qualifying company until 31 December 2018.”.
New paragraph 3A