Finance Act 1992 Chapter III — Amendment to the supplementary income tax act 1967

Commencement of amendment to the Supplementary Income Tax Act 1967

s 20

This Chapter shall have effect for the year of assessment 1992 and subsequent years of assessment.

Amendment of section 16

s 21

Section 16 of the Supplementary Income Tax Act 1967 is amended by substituting for the word “three” appearing after the words “rate of” in paragraphs (a) and (b) the word “two”. C HAPTER IV AMENDMENTS TO THE REAL PROPERTY GAINS TAX ACT 1976

Commencement of amendments to the Real Property Gains Tax Act 1976

s 22

This Chapter shall be deemed to have come into force on 1 November 1991.

Amendment of section 16

s 23

Section 16 of the Real Property Gains Tax Act 1976, which in this Chapter is referred to as the “principal Act”, is amended— (a) in subsection (1)— (i) by deleting the words “and shall include in the assessment a sum equal to ten per cent of that amount, which shall be deemed to be an increase of the kind mentioned in subsection 21(4)”; (ii) by inserting, immediately thereafter, the following new subsection (1A): “(1 A) Where the Director General makes an assessment on the acquirer under paragraph (1)(b) there shall be included in that assessment a sum equal to ten per cent of the tax payable by the disposer, which shall be deemed to be an increase of the kind mentioned in subsection 21(4).”; and (b) in subsection (2), by deleting the figure “(1)” in paragraph (b).

Amendment of section 17

s 24

Section 17 of the principal Act is amended by deleting the words “subject to subsection (2)—” in paragraph (c).

Amendment of section 21 B

s 25

Section 21B of the principal Act is amended by substituting for paragraph (1)(a) the following: “(a) the acquirer shall, until he receives the Director General’s certificate of clearance under section 21A, retain the whole of that money or a sum not exceeding five per cent of the total value of the consideration, whichever is the less;”.

Amendment of Schedule 2

s 26

Schedule 2 to the principal Act is amended by substituting for the words “value of the asset for estate duty purposes” in subparagraph 19(3) the words “market value of the asset as at the date of the death of that deceased person”. C HAPTER V AMENDMENTS TO THE SERVICE TAX ACT 1975

Commencement of amendments to the Service Tax Act 1975

s 27

This Chapter shall be deemed to have come into force on 1 January 1992.

Amendment of section 3

s 28

Section 3 of the Service Tax Act 1975, which in this Chapter is referred to as the “principal Act”, is amended by substituting for paragraph (a) the following: “(a) any prescribed service (hereafter in this Act referred to as “taxable service”) provided by or in— (i) any prescribed professional establishment; or (ii) any prescribed establishment;”.

Amendment of section 4

s 29

Section 4 of the principal Act is amended— (a) by inserting, immediately after the words “the charge”, the word “, premium”; (b) in paragraph (a)— (i) by renumbering the existing subparagraph (ii) as subparagraph (iii); (ii) by inserting, immediately after subparagraph (i), the following new subparagraph (ii): “(ii) the premium for insurance coverage;”; and (iii) by inserting, immediately after the words “no charge” and “the charge” in the renumbered subparagraph (iii), the words “or premium”.

Amendment of section 7

s 30

Section 7 of the principal Act is amended by substituting for the words “or selling or providing taxable goods in any prescribed establishment” the words “referred to in paragraph 3(a) or selling or providing taxable goods referred to in paragraph 3(b)”.

Amendment of section 8

s 31

Section 8 of the principal Act is amended by substituting for the words “or selling or providing taxable goods in any prescribed establishment” in subsection (1) the words “referred to in paragraph 3(a) or selling or providing taxable goods referred to in paragraph 3(b)”. C HAPTER VI AMENDMENTS TO THE STAMP ACT 1949

Commencement of amendments to the Stamp Act 1949

s 32

This Chapter shall be deemed to have come into force on 1 January 1992.

Amendment of section 2

s 33

Section 2 of the Stamp Act 1949, which in this Chapter is referred to as the “principal Act”, is amended by deleting the definitions of “bank note”, “bill of exchange”, “bill of exchange payable on demand”, “bill of lading” and “receipt”.

Deletion of section 34

s 34

The principal Act is amended by deleting section 34.

Amendment of section 42

s 35

Section 42 of the principal Act is amended by deleting the words “bill of exchange,” in subsection (1).

Amendment of section 43

s 36

Section 43 of the principal Act is amended by deleting the words “bill of exchange,” wherever they appear in subsections (1), (2), (3) and (5).

Amendment of section 44

s 37

Section 44 of the principal Act is amended by deleting the words “bill of exchange or” wherever they appear.

Amendment of section 45

s 38

Section 45 of the principal Act is amended by deleting the words “bill of exchange payable on demand or at sight or on presentation, or any” and “bill or”.

Substitution of section 47

s 39

The principal Act is amended by substituting for section 47 the following: “Stamping of instrument after execution

s 47

Save where other express provision is made by this or any other Act, any unstamped or insufficiently stamped instrument not being a cheque or promissory note drawn or made within Malaysia may be stamped after execution on payment of the unpaid duty if the instrument is presented for stamping within thirty days of its execution if executed within Malaysia, or within thirty days after it has been first received in Malaysia if it has been executed out of Malaysia.”. Deletion of sections 54 and 62 40. The principal Act is amended by deleting sections 54 and 62. Amendment of section 63 41. Section 63 of the principal Act is amended by deleting the words “bill of exchange,” in paragraph (c). Amendment of section 65 42. Section 65 of the principal Act is amended— (a) in paragraph (a), by deleting the words “any bill of exchange or”; and (b) in paragraphs (a) and (b), by deleting the words “bill or”. Amendment of First Schedule 43. The First Schedule to the principal Act is amended— (a) by deleting items 17, 18 and 19; (b) by substituting for the full stop at the end of paragraph (c) of the exemptions under item 32 a semi colon and inserting, immediately thereafter, the following new paragraph (d): “(d) Transfer or assignment on sale of any copyright, trade mark, patent or any similar right.”; (c) by substituting for item 61 the following: “PROTEST OF NOTE, that is to say, any declaration in writing made by a Notary Public, or other person lawfully acting as such, attesting the dishonour of a promissory note”; and (d) by deleting item 64. Amendment of Second Schedule 44. The Second Schedule to the principal Act is amended— (a) by deleting items 2 and 3; (b) by substituting for the word “BILL” in item 15 the word “NOTE”; and (c) by deleting item 17. C HAPTER VII REPEAL OF THE ESTATE DUTY ENACTMENT 1941, THE ESTATE DUTY ORDINANCE OF SABAH, THE ESTATE DUTY ORDINANCE OF SARAWAK, THE FINANCE (ESTATE DUTY) ACT 1965, THE FINANCE (ESTATE DUTY) ACT 1971, THE FINANCE (ESTATE DUTY) ACT 1979 AND THE FINANCE (ESTATE DUTY) ACT 1980 Commencement of this Chapter 45. This Chapter shall be deemed to have come into force on 1 November 1991. Repeal of the Estate Duty Enactment 1941, etc., and saving 46. (1) Subject to subsection (2), the Estate Duty Enactment 1941, the Estate Duty Ordinance of Sabah, the Estate Duty Ordinance of Sarawak, the Finance (Estate Duty) Act 1965, the Finance (Estate Duty) Act 1971, the Finance (Estate Duty) Act 1979 and the Finance (Estate Duty) Act 1980 are repealed. (2) The repeal of the laws mentioned in subsection (1) shall not affect the operation of such laws in regard to any person dying before the coming into force of the repeal of such laws as if the repeal had not been made. LAWS OF MALAYSIA