s 29 Amendment of section 5
The principal Act is amended by substituting for section 5 the following new section 5: “Date of disposal 5. (1) A disposal of a chargeable asset shall be deemed to take place— (a) where there is an agreement in writing or otherwise for the disposal of the chargeable asset, on the date of such agreement; or (b) where there is no agreement, on the date of delivery of the chargeable asset to the acquirer: Provided that where the disposal of the chargeable asset by value exceeds five million ringgit and the disposal or acquisition of such chargeable asset is approved by a committee appointed by the Government the date of disposal shall be the date of such approval by the committee notwithstanding any conditions attached to the approval. (2) For purposes of subsection (1), the reference to a committee appointed by the Government means a committee charged with the responsibility to formulate policy guidelines on foreign investment and to regulate the acquisition of assets, mergers and take-overs of companies and businesses.”.