commencement of amendments to the Petroleum (Income tax) Act 1967
s 47
This chapter has effect for the year of assessment 008 and subsequent years of assessment.
Finance Act 2006 Chapter V — AMENDMENTS TO THE PETROLEUM (iNcOME TAX) AcT 967
Amendment of section 16
s 48
The Petroleum (income Tax) Act 967, which is referred to as the “principal Act” in this chapter, is amended in subsection 6(7e) by deleting the words “culture, Arts and”.
Amendment of section 22
s 49
Section of the principal Act is amended— (a) in the proviso to subsection (), by substituting for the word “five” the word “seven”; and (b) by inserting after subsection ( d ) the following subsections: “(e) The chargeable income of a chargeable person for a year of assessment shall consist of the amount of his assessable income for that year reduced by an amount equal to any gift of money or cost of contribution in kind made by the relevant person in the basis period for that year for any sports activity approved by the Minister or to any sports body approved by the commissioner of Sports appointed under the Sports Development Act 997: Provided that the amount to be deducted pursuant to this subsection shall not exceed the difference 6 Laws of Malaysia Act 661 between the amount of seven per cent of the statutory income of the relevant person and the total amount that has been deducted pursuant to the proviso to subsection () and subsection (f). (f) The chargeable income of a chargeable person for a year of assessment shall consist of the amount of his assessable income for that year reduced by an amount equal to any gift of money or cost of contribution in kind made by the relevant person in the basis period for that year for any project of national interest approved by the Minister: Provided that the amount to be deducted pursuant to this subsection shall not exceed the difference between the amount of seven per cent of the statutory income of the relevant person and the amount that has been deducted pursuant to the proviso to subsection () and subsection (e).”.
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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).
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