PERINTAH CUKAI PENDAPATAN (PENGECUALIAN) (NO. 7) 2012

“dilakukan” mempunyai erti sebagaimana yang diberikan kepadanya dalam perenggan 46 dan 55 Jadual 3 Akta;

“Lembaga Pembangunan Pelaburan Malaysia” ertinya suatu pertubuhan perbadanan yang diperbadankan di bawah Akta Lembaga Pembangunan Pelaburan

Malaysia (Pemerbadanan) 1965 (Disemak – 1989) [Akta 397];

“orang yang layak” ertinya

Jika perenggan 39 dan 40 Jadual 3 Akta terpakai atas pelupusan suatu bangunan, loji atau jentera kepada syarikat berkaitannya yang mana elaun di bawah subperenggan 4(2) telah dibuat atas aset itu, maka amaun perbelanjaan modal yang layak yang diambil oleh syarikat berkaitan itu hendaklah bersamaan dengan perbelanjaan baki pelupus pada hari pertama tempoh terakhir pelupus.

Jika orang yang layak melupuskan aset pada bila-bila masa dalam masa dua tahun dari tarikh perolehan aset itu, amaun pendapatan yang dikecualikan berkenaan dengan elaun aset itu disifatkan tidak dikecualikan kepada orang yang layak itu yang sepatutnya ia berhak.

Orang yang layak hendaklah menyenggara suatu akaun berasingan bagi pendapatan yang diperoleh daripada perniagaan yang disebut dalam subperenggan 4(1) dalam tempoh asas bagi setiap tahun taksiran sehingga perniagaan itu mendapat keseluruhan elaun atau elaun-elaun yang ia berhak mendapatnya.

Schedule 3 to the Act;

“Malaysian Investment Development Authority” means a body corporate established under the Malaysian Investment Development Authority (Incorporation)

Act 1965 (Revised – 1989) [Act 397];

“qualifying person” means—

prior to 8 October 2011 or a company which is incorporated under the

Companies Act 1965 [Act 125];

P.U. (A) 420 9

Education Act 1996 to carry on the business of private school; and

“pre-school education” has the meaning assigned to it in the Education Act 1996

[Act 550];

“qualifying capital expenditure” means capital expenditure incurred by a qualifying person on a building, plant or machinery used in Malaysia in connection with and for the purpose of an activity relating to teaching and training in a private school:

Provided that such qualifying capital expenditure shall not include capital expenditure incurred on any building used as living accommodation, plant and machinery which are provided wholly or partly for the use of a director or an individual who is a member of the management, administrative or clerical staff;

“private school” means a school which is not a government school that provides—

(a)

private primary or secondary education or both, that comply with the requirements of the National Curriculum and examinations prescribed under the Education Act 1996 together with the provision of private pre-school education therein, if any;

(b)

private religious primary or secondary education or both, that comply with the requirement of the National Curriculum prescribed under the

Education Act 1996 together with the provision of private pre-school education therein, if any; or

P.U. (A) 420 10

(c)

private Chinese primary or secondary education or both, together with the provision of private pre-school education therein, if any, that comply with guidelines issued by the Ministry of Education, but shall not include a school which provides solely pre-school education;

“related company” has the same meaning as defined under section 2 of the

Promotion of Investments Act 1986 [Act 327].

Application 3.

This Order shall apply to a qualifying person—

Authority on or after 8 October 2011 but not later than 31 December 2015;

and

Exemption 4.

(1)

The Minister exempts a qualifying person from the payment of income tax in a basis period for a year of assessment in respect of the statutory income derived from a business of private school in Malaysia which is equivalent to the amount of allowance as determined in subparagraph (2).

(2)

The amount of allowance referred to in subparagraph (1) shall be—

P.U. (A) 420 11

commencing from a date determined by the Malaysian Investment

Development Authority.

(3)

The tax exemption on the statutory income of the business referred to in subparagraph (1) is subject to conditions as stated by the Minister in the approval letter of the business.

(4)

Nothing in subparagraph (1) shall absolve or is deemed to have absolved that qualifying person from complying with any requirement to submit any return or statement of accounts or to furnish any other information under the provision of the

Act.

Statutory income 5.

(1)

The statutory income in the basis period for a year of assessment referred to in subparagraph 4(1) for the period referred to in subsubparagraph 4(2)(b) shall be determined after deducting allowances which may be made according to Schedule 3 to the Act although no claim for such allowances has been made:

Provided that where an asset used for the purpose of the business of a private school in Malaysia is also used for the purpose of a business other than that business, then the allowances which may be made under Schedule 3 to the Act shall be deducted as is reasonable having regard to the extent to which the asset is used for the purpose of the first-mentioned business.

(2)

The amount of statutory income so exempt referred to in subparagraph 4(1) shall not exceed seventy per cent for each year of assessment.

(3)

Where, by reason of the absence or insufficiency of the statutory income or restriction of the rate as determined by the Minister in subparagraph (2), the exemption cannot be given or cannot be given in full to the amount as determined to which the qualifying person is entitled under subparagraph 4(1) for that year of assessment, then so much of that amount as cannot be exempt for that year of assessment shall be exempted for the first subsequent year of assessment for the basis

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period for which there is statutory income from that business, and for subsequent years of assessment until the whole of the amount to which it is so entitled is exempted.

Determination of qualifying capital expenditure that is subject to control transfer 6.

Where paragraphs 39 and 40 of Schedule 3 to the Act applies on the disposal of a building, plant or machinery to its related company in which an allowance under subparagraph 4(2) has been made on the asset, then the amount of qualifying capital expenditure to be taken by the related company shall be equal to the disposer’s residual expenditure on the first day of the disposer’s final period.

Withdrawal of tax exemption 7.

Where the qualifying person disposes of the asset at any time within two years from the date of acquisition of such asset, the amount of income exempted in respect of the allowance of that asset shall be deemed to have not been exempted to the qualifying person to which it would otherwise be entitled.

Separate account 8.

The qualifying person shall maintain a separate account for the income derived from the business referred to in subparagraph 4(1) in the basis period for each year of assessment until the business received the whole of allowance or allowances to which it is so entitled.

Non-application 9.

(1)

This Order shall not apply to a qualifying person in the basis period for the year of assessment if that qualifying person for that year of assessment—

Act 1986;

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Act; or

Made 14 November 2012

[Perb.CR(8.09)294/6/4-9(SJ.9)(2012); LHDN 01/35/(S)/42/51/231-7.13; PN(PU2)80/LXVI]

DATO’ SERI AHMAD HUSNI BIN MOHAMAD HANADZLAH

Second Minister of Finance

[To be laid before the Dewan Rakyat pursuant to subsection 127(4) of the Income Tax Act 1967]