This Act may be cited as the Finance Act 1985 and shall have effect as provided in this Act.
Act 315
Finance Act 1985
Akta kewangan 1985
An Act to amend the Income Tax Act 1967 and the Petroleum (Income Tax) Act 1967 and to provide for matters connected therewith.
Data synced
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.
Chapter I β Preliminary
The Income Tax Act 1967 [Act 53] and the *Petroleum (Income Tax) Act 1967 [Act 45 of 1967] are amended respectively in the manner specified in Chapters II and III respectively.
Chapter II β Amendments to the income tax
The provisions of this Chapter shall have effect for the year of assessment 1985 and subsequent years of assessment.
*NOTEβThe Petroleum (Income Tax) Act 1967 [Act 45 of 1967] has since been revised as the Petroleum (Income Tax) Act 1967 [Act 543].
Section 45 of the Income Tax Act 1967 is amended by substituting for the words βone hundred thousand ringgitβ in subsection (6) the words βthree hundred thousand ringgitβ.
Chapter III β Amendments to the petroleum (income tax)
The provisions of this Chapter shall have effect for the year of assessment 1985 and subsequent years of assessment.
Subsection 18(1) of the Petroleum (Income Tax) Act 1967 which in this Chapter is referred to as βthe principal Actβ, is amendedβ
(a) by substituting for the full stop at the end of paragraph
(l) the sign and the word β; orβ; and
(b) by inserting immediately after paragraph (l) the following new paragraph (m): β(m) any sum paid by way of rentals in respect of a motor vehicle (other than a lorry, truck, bus, mini bus, van or station wagon licensed or permitted by the appropriate authority for commercial transportation of goods or passengers) in excess of twenty-five thousand ringgit: Provided that the maximum amount of deduction of rentals in respect of such motor vehicle in the year of assessment and subsequent years of assessment shall not in the aggregate exceed twenty-five thousand ringgit in respect of the said motor vehicle.β.
Schedule 2 to the principal Act is amended by substituting for the word βfifteenβ in subparagraph 2(2) the word βtwenty-fiveβ.
Cite this legislation
- Official citation
- Act 315
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) β
Finance Act 1985 [Act 315] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-315
This text is synced from lom.agc.gov.my. In case of any discrepancy, the authoritative text prevails.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).