Commencement of amendments to the Real Property Gains Tax Act 1976
(1) Sections 40 and 42 have effect for the year of assessment 2015 and subsequent years of assessment. (2) Sections 41 and 43 come into operation on the coming into operation of this Act.
Amendment of section 2
Subsection 2(1) of the Real Property Gains Tax Act 1976, which is referred to as the “principal Act” in this Chapter, is amended— (a) by inserting after the definition of “Inland Revenue Board of Malaysia” the following definition: ‘ “input tax” has the meaning assigned to it in the Goods and Services Tax Act 2014 [Act 762];’; and (b) by inserting after the definition of “option” the following definition: ‘ “output tax” has the meaning assigned to it in the Goods and Services Tax Act 2014;’.
Amendment of section 29
Section 29 of the principal Act is amended by inserting after subsection (4) the following subsection: “(5) The Director General may require any person to pay an additional amount of penalty in accordance with subsection (3) in respect of any additional tax which is payable by that person for a year of assessment.”.
Amendment of Schedule 2
Schedule 2 to the principal Act is amended— (a) in subparagraph 6(1)— (i) by deleting the word “and” at the end of subsubparagraph (c); (ii) by substituting for the full stop at the end of subsubparagraph (d) the words “; and”; and (iii) by inserting after subsubparagraph (d) the following subsubparagraph: “(e) any amount paid or to be paid in respect of goods and services tax by the disposer if he is not liable to be registered under the Goods and Services Tax Act 2014 or if he is a registered person and is not entitled under that Act to credit that amount as input tax.”; and (b) in paragraph 7— (i) by deleting the word “and” at the end of subparagraph (b); (ii) by substituting for the full stop at the end of subparagraph (c) a semicolon; and (iii) by inserting after subparagraph (c) the following subparagraphs: “(d) any amount paid or to be paid in respect of goods and services tax as input tax by the disposer if he is liable to be registered under the Goods and Services Tax Act 2014 and has failed to do so, or if he is entitled under that Act to credit that amount as input tax; and (e) any amount of output tax paid or to be paid under the Goods and Services Tax Act 2014 which is borne by the disposer if he is registered or liable to be registered under that Act.”.
Amendment of Schedule 4
Schedule 4 to the principal Act is amended in paragraph 2 by substituting for the formula the following formula: “A x C B where A is part of the area of the chargeable asset disposed; B is the total area of the chargeable asset; C is ten thousand; or ten per cent of the chargeable gain, whichever is greater”.
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).