commencement of amendments to the real Property Gains tax Act 1976
() Section 36 is deemed to have come into operation on October 005. () Section 37 comes into operation on the coming into operation of this Act. (3) Section 38 is deemed to have come into operation on September 006.
Amendment of section 9
The Real Property Gains Tax Act 976, which is referred to as the “principal Act” in this chapter, is amended in the national language text, by deleting the words “orang atau” in subsection 9(3).
Amendment of section 15
Paragraph 5(3)(a) of the principal Act is amended by inserting after the word “made” the words “under this Act or the income Tax Act 967”.
Amendment of Schedule 2
Schedule to the principal Act is amended— (a) by substituting for paragraph 6 the following paragraph: “16. Where a contract for the disposal of an asset is conditional and the condition is satisfied (by the exercise of a right under an option or otherwise), the acquisition and disposal of the Laws of Malaysia Act 661 asset shall be regarded as taking place at the time the contract was made, unless— (a) the acquisition or disposal requires the approval by the Government or an authority or committee appointed by the Government, the date of disposal shall be the date of such approval; or (b) the approval referred to in subparagraph (a) is conditional, the date of disposal shall be the date when the last of all such conditions is satisfied.”; and (b) by inserting after paragraph 7 the following paragraph: “transfer of assets into stocks 17A. Notwithstanding any other provisions of this Act— (a) if an asset acquired or held by a person is taken into the trading stock of the person, there shall be deemed to be a disposal of chargeable asset; and (b) the disposal price of the chargeable asset shall be equal to the market value at the date the asset is taken into stock.”.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
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).