Commencement of amendments to the Real Property Gains Tax Act 1976
s 21
The provisions of this Chapter shall come into force on 24 October 1986.
Finance Act 1986 Chapter III — Amendments to the real property gains tax act 1976
Amendment of section 45
s 22
Section 45 of the Real Property Gains Tax Act 1976, which in this Chapter is referred to as “the principal Act”, is amended— (a) by substituting for the full stop at the end of subsection (4), a colon; and (b) by inserting immediately after subsection (4) the following new proviso: “Provided that the Director General may by writing under his hand authorize any Senior Assistant or Assistant Directors of Inland Revenue (subject to any exceptions or limitations contained in the authorization) to exercise his function under section 39.”.
Amendment of Schedule 2
s 23
Paragraph 1 of Schedule 2 to the principal Act is amended by substituting for the interpretation of “Islamic bank” the following new interpretation of “Islamic bank” in subparagraph (1): ‘“Islamic bank” has the meaning assigned to it under the Islamic Banking Act 1983 [Act 276] and includes a person carrying on banking or financing activities in accordance with the Syariah.’.
Amendment of Schedule 4
s 24
Schedule 4 to the principal Act is amended by deleting the words “who is a citizen or an individual who is not a citizen but is a permanent resident,” in paragraph 2.
Amendment of Schedule 5
s 25
The principal Act is amended by substituting for Schedule 5 the following new Schedule 5: “ SCHEDULE 5 (Section 4 and Subsection 7(4)) RATES OF TAX
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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).
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