Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
s 4
Section 2 of the Income Tax Act 1967, which in this Chapter is referred to as "the principal Act", is amended-
(a) by substituting for the interpretation of "approved loan" in subsection (1), the «"approved loan" means any loan or credit made to the Government, State Government (including any loan or credit made to a person other than the Government or State
FINANCE (No.2) [Cap. II, S. 4-6
(b) by deleting the interpretation of "long-term loan" in subsection (1);
(c) by deleting the interpretation of "shareholders' funds" in subseotion (1); and
(d) by inserting immediately after subsection (6), the followingnew subsection (7): "(7) Any reference in this Act to interest shall apply, mutatis mutandis, to gains or profits received and expenses incurred, in lieu of interest, in transactions conducted in accordance with the Syariah.". stituting for paragraph (a), the following:
Malay text (authoritative)
Pindaan seksyen 2
Seksyen 2 Akta Cukai Pendapatan 1967, yang disebut “Akta ibu” dalam Bab ini, dipinda—
(a) dengan menggantikan tafsiran “approved loan” dalam subseksyen (1) dengan yang berikut:
‘ “approved loan” means any loan or credit made to the Government, State Government (including any loan or credit made to a person other than the Government or State Government where the loan or credit is guaranteed by the Government or State Government), local authority or statutory body by a person not resident in Malaysia where the loan or credit agreement was executed in Malaysia or where the loan or credit agreement was executed outside Malaysia with the prior approval of the Minister;’;
(b) dengan memotong tafsiran “long-term loan” dalam subseksyen (1);
(c) dengan memotong tafsiran “shareholders’ funds” dalam subseksyen (1); dan
(d) dengan memasukkan sebaik sahaja subseksyen (6), subseksyen baharu (7) yang berikut:
“(7) Any reference in this Act to interest shall apply, mutatis mutandis, to gains or profits received and expenses incurred, in lieu of interest, in transactions conducted in accordance with the Syariah.”.
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).
