Section 57
Exemption of the Corporation from income tax
of Sarawak Economic Development Corporation, 1958
Notwithstanding anything contained in the Income Tax Act 1967 [Act 53], the income of the Corporation shall be wholly exempt from income tax.
[Am. P.U. (A) 449/92]
Accounts and audits 58.—
(1)
The Corporation shall keep accounts of its transactions to the satisfaction of the Majlis Mesyuarat Kerajaan Negeri, and its accounts shall be audited annually by an auditor appointed by the
Minister.
[Mod. Swk. L.N. 68/64.]
(2)
The members, and the officers and servants of the
Corporation shall grant to the auditor appointed to audit the accounts of the Corporation under subsection (1) access to all books, documents, cash and securities of the Corporation, and shall give to him on request all such information as may be within their knowledge in relation to the operation of the Corporation.
[Am. Ord. No. 19/71.]
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(3)
The Corporation may, with the prior approval of the
Minister, write off bad debts and for the purpose of this subsection, the expression “bad debt” shall have the same meaning assigned to it in the Statutory Bodies (Financial and Accounting Procedure)
Ordinance, 1995 [Cap. 15].
[Sub. Cap. A41.]
Report 59.⎯(1)
The Corporation shall not later than six months from the end of each calendar year submit to the Majlis Mesyuarat Kerajaan
Negeri a report containing⎯
(a)
an account of its transactions throughout the preceding calendar year in such details as the Majlis Mesyuarat Kerajaan
Negeri may direct; and
(b)
a statement of the accounts of the Corporation audited in accordance with section 58.
[Am. Ord. No. 19/71.]
(2)
A copy of the report together with a copy of the auditor’s report shall be laid before the Dewan Undangan Negeri, and the balance sheet and auditor’s certificate shall be published in the
Gazette.
[Am. Ord. No. 9/76.]