akta kewangan

8/12/2019 akta kewangan

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UNDANG-UNDANG MALAYSIA

Akta 337

AKTA KEWANGAN 1987_______

SUSUNAN SEKSYEN

_______

BAB IPERMULAAN

Seksyen1. Tajuk ringkas.

2. Pindaan Akta-Akta.

BAB IIPINDAAN-PINDAAN KEPADA AKTA

CUKAI PENDAPATAN 1967

3. Mula berkuat kuasanya pindaan-pindaankepada Akta Cukai Pendapatan 1967.

4. Pindaan seksyen 2.

5. Penggantian seksyen 3A.6. Pindaan seksyen 5.7. Pindaan seksyen 7.8. Pindaan seksyen 45.9. Pindaan seksyen 60.10. Pindaan seksyen 81.11. Pindaan seksyen 83.12. Pindaan seksyen 107.13. Seksyen baru 107B.14. Pindaan seksyen 108.15. Pindaan seksyen 127.16. Pindaan Jadual 1.


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[Susunan Seksyen]

4 AKTA 337BAB III

PINDAAN-PINDAAN KEPADA AKTACUKAI KEUNTUNGAN

HARTA TANAH 1976

Seksyen17. Mula berkuat kuasanya pindaan-

pindaan kepada Akta CukaiKeuntungan Harta Tanah 1976.


19. Pindaan Jadual 2.

BAB IVPINDAAN KEPADA AKTA CUKAIPEMINDAHAN SYER (SYARIKAT

BERASASKAN TANAH) 1984

20. Mula berkuat kuasanya pindaankepada Akta Cukai Pemindahan Syer

(Syarikat Berasaskan Tanah) 1984.21. Pindaan seksyen 4A.

BAB VPINDAAN KEPADA AKTA PETROLEUM

(CUKAI PENDAPATAN) 1967

22. Mula berkuat kuasanya pindaan kepadaAkta Petroleum (Cukai Pendapatan)1967.


BAB VIPINDAAN-PINDAAN KEPADA AKTA

CUKAI JUALAN 1972

24. Mula berkuat kuasanya pindaan-pindaan kepada Akta Cukai Jualan1972.

25. Pindaan seksyen 13.26. Pindaan seksyen 14.


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5

UNDANG-UNDANG MALAYSIA

Akta 337

AKTA KEWANGAN 1987

Suatu Akta untuk meminda Akta CukaiPendapatan 1967, Akta Cukai KeuntunganHarta Tanah 1976, Akta Cukai PemindahanSyer (Syarikat Berasaskan Tanah) 1984, AktaPetroleum (Cukai Pendapatan) 1967 dan AktaCukai Jualan 1972.

[ ]

MAKA INILAH DIPERBUATUNDANGUNDANG oleh Duli Yang MahaMulia Seri Paduka Baginda Yang dipertuanAgong dengan nasihat dan persetujuan Dewan

Negara dan Dewan Rakyat yang bersidangdalam Parlimen, dan dengan kuasadaripadanya, seperti berikut:

BAB IPERMULAAN

1. Akta ini bolehlah dinamakan AktaKewangan 1987.

2. Akta Cukai Pendapatan 1967, Akta CukaiKeuntungan Harta Tanah 1976, Akta CukaiPemindahan Syer (Syarikat BerasaskanTanah) 1984, Akta Petroleum (CukaiPendapatan) 1967 dan Akta Cukai Jualan1972 adalah dipinda mengikut cara yangmasing-masingnya dinyatakan dalam Bab II,III, IV, V dan VI.

BAB IIPINDAAN-PINDAAN KEPADA AKTACUKAI PENDAPATAN 1967

3. (1) Kecuali bagi seksyen 10 dan 13,Bab ini hendaklah berkuat kuasa bagi tahuntaksiran 1988 dan tahun-tahun taksiran yang

berikutnya.

(2) Seksyen 10 hendaklah disifatkan telahmula berkuat kuasa pada 24hb Oktober1986.

Tajuk

ringkas.

PindaanAkta-akta.

Akta 53.Akta 169.Akta 310.Akta 45/67.

Akta 64.

Mula ber-kuatkuasanya

pindaan-pindaankepadaAkta Cukai

Pendapatan1967.


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Pindaan

seksyen 2.Akta 53.

Penggantianseksyen 3A.

Pindaan

seksyen 5.

Pindaan

seksyen 7.

Charge ofexcess

profit tax.

[Bab II, S. 3-7]

6 AKTA 337

(3) Seksyen 13 hendaklah mula berkuat kuasapada 1hb Januari 1989.

4. Seksyen 2 Akta Cukai Pendapatan 1967,yang dalam Bab ini disebut "Akta ibu",adalah dipinda dengan menggantikan takrif

bagi "Malaysia" dalam subseksyen (1) denganyang berikut:

'"Malaysia" means the territories of theFederation of Malaysia, the territorial waters ofMalaysia and the sea-bed and subsoil of the

territorial waters, and includes any areaextending beyond the limits of the territorialwaters of Malaysia, and the sea-bed and subsoilof any such area, which has been or mayhereafter be designated under the laws ofMalaysia as an area over which Malaysia hassovereign rights for the purposes of exploringand exploiting the natural resources, whetherliving or non-living;'.

5.Akta ibu adalah dipinda dengan menggantikan

seksyen 3A dengan yang berikut:3A. Subject to and in accordance withthis Act, in addition to the income taxchargeable, there shall be charged foreach year of assessment in respect of theincome of any person other than acompany accruing in or derived fromMalaysia or received in Malaysia fromoutside Malaysia a tax to be known asexcess profit tax upon his chargeableincome which exceeds three hundredthousand ringgit:

Provided that this section shall not apply tothe income of a person under section 4A. ".

6. Seksyen 5 Akta ibu adalah dipinda denganmemotong subseksyen (3) dan (4).

7.Seksyen 7 Akta ibu adalah dipinda denganmenggantikan perkataan-perkataan "that periodforms part of a period of more than one hundredand eightytwo consecutive days" dalam

perenggan (b)subseksyen


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Pindaanseksyen 45.

Pindaanseksyen 60.

[Bab II, S. 7-9]

KEWANGAN 7

(1) dengan perkataan-perkataan "that period islinked by or to another period of one hundredand eighty-two or more consecutive days".

8.Seksyen 45 Akta ibu adalah dipinda(a) dengan menggantikan perkataan-

perkataan "or any subsequent date (asmay be permitted by the DirectorGeneral) in the year of assessment"dalam subseksyen (4) dengan

perkataan-perkataan "in the year of

assessment or any subsequent date (asmay be permitted by the DirectorGeneral)"; dan

(b) dengan menggantikan perkataan-perkataan "section 3A (b)" dalamsubseksyen (6) dengan perkataan-

perkataan "section 3A".

9.Seksyen 60 Akta ibu adalah dipinda(a) dengan memotong perkataan "and"

di hujung subperenggan (ii)

perenggan (b)subseksyen (3);(b)dengan menggantikan noktah di hujungsubperenggan (iii) perenggan (b)subseksyen (3) dengan koma bertitikdan memasukkan selepas sahaja koma

bertitik itu perkataan-and";

(c) dengan memasukkan selepas sahajasubperenggan (iii) perenggan (b)subseksyen (3) subperenggan baru(iv) yang berikut:

"(iv) an amount equivalent to two

per cent of the balance of revenueaccount as at the last day of thebasis period for that year ofassessment, but not exceeding thetotal commissions paid in that

period in connection with thatbusiness:

Provided that no deductionunder this subparagraph shall bemade for any year of assessment forwhich a


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[Bab II, S.9]

8 AKTA 337

deduction is made in respect ofcommissions paid in connectionwith that business pursuant tosubparagraph (iii).";

(d)dengan memotong perkataan "and" dihujung subperenggan (ii) perenggan(b) subseksyen (4);

(e)dengan menggantikan noktah di hujungsubperenggan (iii) perenggan (b)

subseksyen (4) dengan koma bertitikdan memasukkan selepas sahajakoma bertitik itu perkataan "and";

(f) dengan memasukkan selepas sahajasubperenggan (iii) perenggan (b)subseksyen (4) subperenggan baru(iv) yang berikut:

"(iv) an amount equivalent totwo per cent of the balance ofrevenue account as at the lastday of the basis period for that

year of assessment, but notexceeding the total commissionspaid in that period in connectionwith that business:Provided that no deduction underthis subparagraph shall be madefor any year of assessment forwhich a deduction is made inrespect of commissions paid inconnection with that business

pursuant to subparagraph (iii).

dan(g) dengan memasukkan selepas sahaja

takrif bagi "off-shore insurancepolicies" dalam sub seksyen (11)takrif baru bagi "revenue account"yang berikut:


8/29

Pindaanseksyen 82.

Pindaanseksyen 83.

Pindaanseksyen 107.

Seksyen

baru 107B.

Paymentby instal-ments.

[Bab II, S. 10-13]

KEWANGAN 9

10. Seksyen 82 Akta ibu adalah dipindadengan menggantikan perkataan-perkataan"paragraph 15 of Schedule 5" dalamsubseksyen (5) dengan perkataan-perkataan"section 153 (3)".

11. Seksyen 83 Akta ibu adalah dipinda(a) dengan menggantikan perkataan

"thirty" dalam subseksyen (5)

dengan perkataan "ninety"; dan(b) dengan menggantikan noktah di

hujung subseksyen (5) dengan komadan memasukkan selepas sahajakoma itu perkataan-perkataan "andif at any time the Director Generaldirects him to pay the full amountor a portion of those moneystowards payment of the tax payable

by the employee, he shall pay asdirected.".

12. Seksyen 107 Akta ibu adalah dipindadengan menggantikan perkataan-perkataan"which by reason of his failure cannot berecovered" dalam subseksyen (4) dengan

perkataan "due".

13. Akta ibu adalah dipinda dengan

memasukkan selepas sahaja seksyen 107Aseksyen baru 1078 yang berikut:

107B. (1) Subject to this section, everyperson chargeable to tax for a year ofassessment, other than an individual towhom section 107 applies, shall make

payment by instalments on account oftax which is or may be payable by that

person for that year of assessment, atsuch times and in such amounts as the

Director General may direct, whetheror not the tax has been assessed.


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[Bab II, S. 13]

10 AKTA 337

may take into consideration the tax assessed,if any, in respect of the person for the year ofassessment preceding that year of assessment:

Provided that the Director General may,upon an application made by the person notlater than the fifteenth day of April in thatyear of assessment, vary the amount to be

paid by installments on account of tax andthe number of installments.

(3) Where any installment amount due and

payable on the date specified by the DirectorGeneral pursuant to subsection (1) or (2) hasnot been paid within thirty days of the duedate, the amount unpaid shall, without anyfurther notice being served, be increased by asum equal to ten per cent of the amountunpaid, and that sum shall be recoverable as ifit were tax due and payable under this Act:

Provided that, where the amount unpaid issubsequently paid, the Director General maytreat it as having been paid on its due date.

(4) In any case to which the proviso tosubsection (2) applies, where the tax payableunder an assessment for that year ofassessment exceeds the total of theinstallments payable and the difference ismore than thirty per cent of the tax payableunder the assessment, then, without anyfurther notice being served, the amount ofthe difference which exceeds thirty per cent ofthe tax payable under the assessment shall

be increased by a sum equal to ten per centof that amount of the difference, and thatsum shall be recoverable as if it were taxdue and payable under this Act.

(5) Nothing in this section shall prevent thecollection of any tax from a person to whom


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Pindaanseksyen 108.

Pindaanseksyen 127.

PindaanJadual 1.

Mulaberkuatkuasa-nya pindaankepada Akta

CukaiKeuntunganHarta Tanah1976.

Pindaanseksyen 2.

[Bab II-III, S. 13-18]KEWANGAN 11

this section applies in accordance with section

103 or the payment of that tax being enforcedin accordance with section 106:Provided that in any suc h case for the

purposes of section 103 the Director Generalshall determine the period with in which thattax shall be payable.".

14. Seksyen 108 Akta ibu adalah dipindadengan memotong subseksyen (12).

15. Seksyen 127 Akta ibu adalah dipindadengan menggantikan subseksyen (1) dengan

yang berikut:"(1) Not with standing any other provisionof this Act, any income specified in Part 1of Schedule 6 shall, subject to this section,

be exempt from tax.".

16. Jadual 1 kepada Akta ibu adalahdipinda dengan menggantikan Bahagian IIIdengan yang berikut:

PART IIIExcess profit tax shall he charged for each year

of assessment at the rate of .. 5 per cent".

BAB IIIPINDAAN-PINDAAN KEPADA AKTA

CUKAI KEUNTUNGAN HARTA TANAH1976

17. (1) Seksyen 18 (a) hendaklah dis ifatkantelah mula berkuat kuasa pada 24hb Oktober1986.

(2) Seksyen 18 (b)dan (c) dan seksyen 19hendaklah mula berkuat kuasa pada 23hbOktober 1987.

18. Seksyen 2 Akta Cukai KeuntunganHarta Tanah 1976, yang dalam Bab inidisebut Akta ibu", adalah dip inda

(a) dengan menggantikan perkataan-perkataan "perenggan 15 Jadual 5kepada" dalam takrif bagi"akauntan" dalam subseksyen (1)dengan perkataan-perkataan

"seksyen 153 (3)";


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PindaanJadual 2.

Pemberian.

[Bab III, S. 18-19]

12 AKTA 337

(b) dengan memasukkan selepas sahajaperkataan "termasuklah" dalam takrifbagi "memperoleh" dalamsubseksyen (1) dan selepas sahaja

perkataan "ertinya" dalam takrifbagi "melupuskan" dalam subseksyenitu perkataan-perkataan ", tertaklukkepada subseksyen (4),"; dan

(c) dengan memasukkan selepas sahajasubseksyen (3) subseksyen baru

(4) yang berikut:"(4) Jika mana-mana tanah yang dipegang

oleh dua orang atau lebih sebagai tuan punyabersama di pecah milik supaya meletak hak padatiap-tiap seorang daripada mereka, di bawahhak milik berasingan, sebahagian tanah ituyang luasnya berkadar sehampir mungkindengan bahagian tak pecahnya dalamkeseluruhan tanah itu, pecah milik tanah itu

tidak boleh dianggap bagi maksud-maksud Aktaini sebagai melibatkan perolehan atau pelupusanapaapa bahagian atau kepentingan dalam tanahitu oleh mana-mana orang demikian.".

19. Jadual 2 kepada Akta ibu adalah

dipinda(a)dengan menggantikan perenggan 12

dengan yang berikut:12. Jika sesuatu aset dilupuskan

dengan cara pemberian, pelupusanitu hendaklah disifatkan sebagai

pelupusan mengikut nilai pasaranaset itu:

Dengan syarat bahawa, jikapemberinya dan penerimanyaadalah suami dan isteri, ibu bapadan anak, atau datuk atau nenek dancucu, dan pemberian itu dibuatdalam masa lima tahun selepastarikh pemerolehan aset itu oleh


12/29

[Bab III, S. 19]

KEWANGAN 13

pemberinya, pemberi itu hendaklahdisifatkan telah tidak menerima apa-apa keuntungan dan tidakmenanggung apa-apa kerugian atas

pelupusan itu dan penerimanyahendaklah disifatkan sebagai telahmemperoleh aset itu pada suatuharga perolehan yang sama denganharga perolehan yang dibayaroleh pemberi itu di campur dengan

belanja yang dibenarkan yangditanggung oleh pemberi itu.";

(b) dengan memasukkan selepas sahajasub perenggan (2) perenggan 15B subperenggan baru (3) yang berikut:

"(3) Jika tanah yang terletak hakpada seseorang akibat sesuatu pecahmilik yang tersebut dalam seksyen2 (4) dilupuskan, pelupusnyahendaklah disifatkan sebagai telahmemperolehnya pada tarikh

perolehan bahagian tak pecahnyadalam tanah itu sebagai seorangtuan punya bersama."; dan

(c) dengan memasukkan selepas sahajasub perenggan (7) perenggan 19 subperenggan baru (8) yang berikut:

"(8) Jika tanah yang terletak hakpada seseorang akibat sesuatu pecahmilik yang tersebut dalam seksyen2 (4) dilupuskan, pelupusnyahendaklah disifatkan sebagai telahmemperolehnya dengan harga

perolehan yang dibayar olehnyabagi pemerolehan bahagian takpecahnya dalam tanah itu sebagai

seorang tuan punya bersamaatau, jika bahagian tak pecahnyadalam tanah itu telah diperoleholehnya sebelum 1hb Januari1970, dengan nilai pasarannya

pada 1hb Januari 1970 di campurdengan belanja yang dibenarkanyang ditanggung olehnya mulai dari1hb Januari


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Mula berkuatkuasa-nya pindaan kepadaAkta cukai

Pemindahan Syer(SyarikatBerasaskan Tanah)

1984.

Pindaan seksyen4A.

Akta 310.

[Bab III-IV, S. 19-21]

14 AKTA 337

1970 ditolak jumlah wang dari jenisyang tersebut dalam perenggan 4 (1)(a), (b)atau (c)yang diterima olehatau terlucut hak, mengikut manayang berkenaan, kepadanyadari lhb Januari 1970.".

BAB IVPINDAAN KEPADA AKTA CUKAIPEMINDAHAN SYER (SYARIKAT

BERASASKAN TANAH) 1984

20 . Bab ini hendaklah mula berkuat kuasa pada23hb Oktober 1987.

21. Seksyen 4A Akta Cukai Pemindahan Syer(Syarikat Berasaskan Tanah) 1984 adalah

dipinda dengan memasukkan selepas sahajasubseksyen (2) subseksyen baru (3) yangberikut:

"(3) Ketua Pengarah boleh menarik balik apa-apa kelulusan bagi sesuatu pindah milikan atau

pelupusan yang diberi di bawah subseksyen (1)dalam masa tiga tahun selepas memberinya

jika(a) ternyata kepadanya bahawa pindah

milikan atau pelupusan itu telah

dibuat kesemuanya atausebahagiannya bagi sesuatumaksud selain daripada maksudyang tersebut dalam subseksyen itu;atau

(b) dalam hal sesuatu kelulusan yangdiberi di bawah perenggan (a)subseksyen (1), aset itu dipindahmilikkan kemudiannya supaya

keempunyaan aset itu tidak lagiberada pada kumpulan itu.".


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Mula berkuatkuasa-nya pindaan kepadaAkta Petroleum

(Cukai Pendapatan1967).

Pindaan

seksyen 2.

Akta 45/67..

Mula berkuatkuasa-nya pindaan-pindaan kepadaAkta Cukai Jualan

1972.PindaanSeksyen 13.Akta 64.

[Bab V-VI, S. 22-25]

KEWANGAN 15

BAB VPINDAAN KEPADA AKTA PETROLEUM(CUKAI PENDAPATAN) 1967

22. Bab ini hendaklah berkuat kuasa bagitahun taksiran 1988 dan tahun-tahun taksiranyang berikutnya.

23. Seksyen 2 Akta Petroleum (Cukai

Pendapatan) 1967 adalah dipinda denganmenggantikan takrif bagi "Malaysia" denganyang berikut:

` "Malaysia" means the territories of theFederation of Malaysia, the territorialwaters of Malaysia and the sea-bed andsubsoil of the territoria l waters, and includesany area extending beyond the limits of theterritorial waters of Malaysia, and the sea-

bed and subsoil of any such area, which hasbeen or may hereafter be designated underthe laws of Malaysia as an area over whichMalaysia has sovereign rights for the

purposes of exploring and exploiting thenatural resources, whether living or non-living;'.

BAB VIPINDAAN-PINDAAN KEPADA AKTA

CUKAI JUALAN 1972

24. Bab ini hendaklah mula berkuat kuasapada 24hb Oktober 1987.

25. Seksyen 13 Akta Cukai Jualan 1972

adalah di p in da(a) dengan memotong perkataan-

perkataan "(2) atau" dalamsubseksyen (1) dan (5); dan

(b)dengan memotong subseksyen (2).


15/29

Pindaan

seksyen 14.

[Bab VI, S. 26]

16 AKTA 337

26.Seksyen 14 Akta Cukai Jualan 1972 adalahdipinda dengan memotong proviso.


16/29

LAWS OF MALAYSIA

Act 337

FINANCE ACT 1987


17/29


18/29

[Arrangement of Secctions]

4 ACT 337

Section18. Amendment of section 2.19. Amendment of Schedule 2.

CHAPTER IVAMENDMENT TO THE SHARE (LAND

BASED COMPANY) TRANSFER TAX ACT 1984

20. Commencement of amendment to theShare (Land Based Company) Transfer

Tax Act 1984.21. Amendment of section 4A.

CHAPTER VAMENDMENT TO THE PETROLEUM (INCOME

TAX) ACT 1967

22. Commencement of amendment to thePetroleum (Income Tax) Act 1967.

23. Amendment of section 2.

CHAPTER VIAMENDMENTS TO THE SALES TAX ACT 1972

24. Commencement of amendments to theSales Tax Act 1972.

25. Amendment of section 13.26. Amendment of section 14.


19/29

Short title.

Amendmentsof Acts.Act 53.Act 169.

Act 310.Act 45/67.Act 64.

Commence-ment ofamendmentsto the

Income TaxAct 1967.

5

LAWS OF MALAYSIA

Act 337

FINANCE ACT 1987

An Act to amend the Income Tax Act 1967,the Real Property Gains Tax Act 1976, theShare (Land Based Company) Transfer TaxAct 1984, the Petroleum (Income Tax) Act1967 and the Sales Tax Act 1972.

[ ]

BE IT ENACTED by the Duli YangMaha Mulia Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consentof the Dewan Negara and Dewan Rakyat inParliament assembled, and by the authority ofthe same, as follows:

CHAPTER IPRELIMINARY

1. This Act may be cited as the Finance Act1987.

2. The Income Tax Act 1967, the RealProperty Gains Tax Act 1976, the Share(Land Based Company) Transfer Tax Act1984, the Petroleum (Income Tax) Act1967 and the Sales Tax Act 1972 areamended in the manner specified inChapters II, III, IV, V and VI respectively.

CHAPTER IIAMENDMENTS TO THE INCOME TAX ACT

1967

3. (1) Except for sections 10 and 13, thisChapter shall have effect for the year ofassessment 1988 and subsequent years ofassessment.

(2) Section 10 shall be deemed to havecome into force on the 24th October 1986.


20/29

Amendment

of section 2.Act 53.

Substitu-

tion of

Section 3A.

Amendmentof section 5.


Charge ofexcessprofit tax.

[Cap. II, S. 3-7]

6 ACT 337

(3) Section 13 shall come into force on the 1stJanuary 1989.

4.Section 2 of the Income Tax Act 1967, which inthis Chapter is referred to as "the principalAct", is amended by substituting for thedefinition of "Malaysia" in subsection (1) thefollowing:

` "Malaysia" means the territories of theFederation of Malaysia, the territorial watersof Malaysia and the sea-bed and subsoil of

the territorial waters, and includes any areaextending beyond the limits of the territorialwaters of Malaysia, and the sea-bed andsubsoil of any such area, which has been ormay hereafter be designated under the lawsof Malaysia as an area over which Malaysiahas sovereign rights for the purposes ofexploring and exploiting the natural resources,whether living or non-living;'.

5. The principal Act is amended by

substituting for section 3A the following:3A. Subject to and in accordance withthis Act, in addition to the income taxchargeable, there shall be charged for eachyear of assessment in respect of the income ofany person other than a company accruingin or derived from Malaysia or received inMalaysia from outside Malaysia a tax to

be known as excess profit tax upon hischargeable income which exceeds threehundred thousand ringgit:

Provided that this section shall not apply tothe income of a person under section 4A.".

6.Section 5 of the principal Act is amended bydeleting subsections (3) and (4).

7. Section 7 of the principal Act is amendedby substituting for the words "that period formspart of a period of more than one hundred andeighty-two


21/29

Amendment

of section 45.


[Cap. II, S. 7-9]

FINANCE 7

consecutive days" in paragraph (b) ofsubsection (1) the words "that period is linked

by or to another period of one hundred andeighty-two or more consecutive days".

8. Section 45 of the principal Act isamended

(a)by substituting for the words "orany subsequent date (as may be

permitted by the Director General)in the year of assessment" in

subsection (4) the words "in theyear of assessment or any subsequentdate (as may be permitted by theDirector General)"; and

(b) by substituting for the words "section3A (b)"in subsection (6) the words "section3A".


(a) by deleting the word "and" at

the end of subparagraph (ii) ofparagraph (b) of subsection (3);(b) by substituting for the full stop at the

end of subparagraph (iii) ofparagraph (b) of subsection (3) asemicolon and inserting immediatelythereafter the word "and";

(c) by inserting immediately aftersubparagraph (iii) of paragraph (b)of subsection (3) the following newsubparagraph (iv):

"(iv) an amount equivalent to two

per cent of the balance of revenueaccount as at the last day of the basisperiod for that year of assessment,but not exceeding the totalcommissions paid in that period inconnection with that business:

Provided that no deductionunder this subparagraph shall bemade for any year of assessmentfor which a deduction is made inrespect of commissions paid inconnection with that business

pursuant to subparagraph (iii).";


22/29

Amendment

of section 82.

Act 89.

[Cap. II, S. 9-10]

8 ACT 337

(d)by deleting the word "and" at the endof subparagraph (ii) of paragraph (b)of subsection (4);

(e) by substituting for the full stop at theend of subparagraph (iii) of paragraph(b)of subsection (4) a semicolon andinserting immediately thereafter theword "and";

(f) by inserting immediately aftersubparagraph (iii) of paragraph (b)of

subsection (4) the following newsubparagraph (iv):"(iv) an amount equivalent to two

per cent of the balance of revenueaccount as at the last day of the

basis period for that year ofassessment, but not exceeding thetotal commissions paid in that

period in connection with thatbusiness:Provided that no deduction under

this subparagraph shall be made forany year of assessment for which adeduction is made in respect ofcommissions paid in connectionwith that business pursuant tosubparagraph (iii)."; and

(g) by inserting immediately after thedefinition of "off-shore insurance

policies" in subsection (11) thefollowing new definition of "revenueaccount":

` "revenue account" means the revenueaccount lodged in respect of lifebusiness under paragraph 1 (2) (a)ofthe Fourth Schedule to the InsuranceAct 1963.'.

10.Section 82 of the principal Act is amendedby substituting for the words "paragraph 15 ofSchedule 5" in subsection (5) the words "section153 (3)".


23/29

Amendment

of section 83.


New section

107B.

Paymentby install-

ments.

[Cap. II, S. 11-13]

FINANCE 9


(a) by substituting for the word"thirty" in subsection (5) the word"ninety"; and

(b) by substituting for the full stop atthe end of subsection (5) a commaand inserting immediately thereafterthe words "and if at any time theDirector General directs him to paythe full amount or a portion ofthose moneys towards payment of thetax payable by the employee, heshall pay as directed.".

12. Section 107 of the principal Act isamended by substituting for the words"which by reason of his failure cannot berecovered" in subsection (4) the word "due".

13. The principal Act is amended byinserting immediately after section 107A the

following new section 107B:107B. (1) Subject to this section, everyperson chargeable to tax for a year ofassessment, other than an individual towhom section 107 applies, shall make

payment by installment on account of taxwhich is or may be payable by that personfor that year of assessment, at such timesand in such amounts as the Director Generalmay direct, whether or not the tax has beenassessed.

(2) In determining the amount to bepaid under subsection (1), the DirectorGeneral may take into consideration the taxassessed, if any, in respect of the

person for the year of assessmentpreceding that year of assessment:

Provided that the Director Generalmay, upon an application made by the

person not later than the fifteenth day ofApril in that year of assessment, vary theamount to be paid by installments on

account of tax and the number ofinstallments.


24/29

Amendment

of section 108.

[Cap. II, S. 13-14]

10 Act 337

(3) Where any installment amount due andpayable on the date specified by theDirector General pursuant to subsection (1)or (2) has not been paid within thirtydays of the due date, the amount unpaidshall, without any further notice beingserved, be increased by a sum equal to ten

per cent of the amount unpaid, and thatsum shall be recoverable as if it were taxdue and payable under this Act:

Provided that, where the amount

unpaid is subsequently paid, the DirectorGeneral may treat it as having been paidon its due date.(4) In any case to which the proviso tosubsection (2) applies, where the tax payableunder an assessment for that year ofassessment exceeds the total of theinstallment payable and the difference ismore than thirty per cent of the tax

payable under the assessment, then,without any further notice being served,

the amount of the difference whichexceeds thirty per cent of the tax payableunder the assessment shall be increased bya sum equal to ten per cent of that amountof the difference, and that sum shall berecoverable as if it were tax due and payableunder this Act.(5) Nothing in this section shall prevent thecollection of any tax from a person to whomthis section applies in accordance withsection 103 or the payment of that tax being

enforced in accordance with section 106:Provided that in any such case for thepurposes of section 103 the DirectorGeneral shall determine the period withinwhich that tax shall be payable.".

14.Section 108 of the principal Act is amendedby deleting subsection (12).


25/29

Amendment

of section 127.

Amendmentof Schedule 1.

Commencementof amendments

to the RealProperty GainsTax Act 1976.

Amendment ofsection 2.

[Cap. II-III, S. 15-18]

FINANCE 11

15. Section 127 of the principal Act isamended by substituting for subsection (1) thefollowing:

"(1) Notwithstanding any other provision ofthis Act, any income specified in Part 1 ofSchedule 6 shall, subject to this section, beexempt from tax.".

16.Schedule 1 to the principal Act is amendedby substituting for Part III the following:

PART IIIExcess profit tax shall be charged for each yearof assessment at the rate of .. ..5 per cent".

CHAPTER IIIAMENDMENTS TO THE REAL PROPERTY

GAINS TAX ACT 1976

17. (1) Section 18 (a) shall be deemed to havecome into force on the 24th October 1986.(2) Section 18 (b) and (c) and section 19 shall

come into force on the 23rd October 1987.

18. Section 2 of the Real Property Gains Tax Act1976, which in this Chapter is referred to as

"the principal Act", is amended(a) by substituting for the words

"paragraph 15 of Schedule 5 to" in

the definition of "accountant" insubsection (1) the words "section153 (3) of";

(b) by inserting immediately after theword "includes" in the definition of"acquire" in subsection (1) andimmediately after the word "means"in the definition of "dispose" in thatsubsection the words ", subject to

subsection (4),"; and


26/29

Amendment

of Schedule 2.

[Cap. III, S. 18-19]

12 ACT 337

(c) by inserting immediately aftersubsection (3) the following newsubsection (4):"(4) Where any land which is held bytwo or more persons as co-proprietorsis partitioned so as to vest in eachof them, under a separate title, a

portion of the land of an areaproportionate as nearly as may be tohis undivided share in the whole,the partition of the land shall not beregarded for the purposes of this Act

as involving the acquisition ordisposal of any part of or interest inthe land by any such person.".

19. Schedule 2 to the principal Act isamended

(a) by substituting for paragraph 12 thefollowing:

12. Where an asset is disposedof byway of a gift, the disposal shall

be deemed to be a disposal at

the market value of the asset:Provided that, where the donor andrecipient are husband and wife,

parent and child or grandparent andgrandchild, and the gift is madewithin five years after the dateof acquisition of the asset by thedonor, the donor shall be deemedto have received no gain andsuffered no loss on the disposal andthe recipient shall be deemed to haveacquired the asset at an acquisition

price equal to the acquisition pricepaid by the donor plus the permittedexpenses incurred by the donor.";

(b) by inserting immediately aftersubparagraph (2) of paragraph 15Bthe following new subparagraph (3):"(3) Where land vested in a personas a result of a partition mentioned insection 2 (4) is disposed of, thedisposer shall be deemed to haveacquired it on the date of acquisitionof his undivided share in the land as a

co-proprietor."; and


27/29


28/29


to the Petroleum(Income Tax)

Act 1967.

Amendment ofsection 2.Act 45/67.


to the Sales TaxAct 1972.

Amendment of

section 13.Act 64.

[Cap. IV-VI, S. 21-25]14 ACT 337

(b) in the case of an approval under

paragraph (a) of subsection (1), theasset is subsequently transferred sothat the ownership of the asset nolonger remains with the group.".

CHAPTER VAMENDMENT TO THE PETROLEUM

(INCOME TAX) ACT 1967

22.This Chapter shall have effect for the year ofassessment 1988 and subsequent years ofassessment.

23. Section 2 of the Petroleum (Income Tax)Act 1967 is amended by substituting for thedefinition of "Malaysia" the following:

` "Malaysia" means the territories of theFederation of Malaysia, the territorial waters ofMalaysia and the sea-bed and subsoil of theterritorial waters, and includes any areaextending beyond the limits of the territorialwaters of Malaysia, and the sea-bed and subsoil ofany such area, which has been or may hereafter

be designated under the laws of Malaysia as anarea over which Malaysia has sovereign rights forthe purposes of exploring and exploiting thenatural resources, whether living or non-living;'.

CHAPTER VIAMENDMENTS TO THE SALES TAX ACT

1972

24. This Chapter shall come into force on the24th October 1987.

25. Section 13 of the Sales Tax Act 1972 is

amended(a) by deleting the words "(2) or" in

subsections (1) and (5); and

(b)by deleting subsection (2).


29/29

Amendment of

section 14.

[Cap. VI, S. 26]

FINANCE 15

26. Section 14 of the Sales Tax Act 1972 isamended by deleting the proviso.

akta kewangan

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