s 7
(1) Notwithstanding section 4, an offshore company carrying on an offshore business activity which is an [Pt. II-III, S. 7-10] offshore trading activity may, within a period of three months (or any extended period as may be allowed by the Director-General) from the commencement of a year of assessment, elect, in the prescribed form, to be charged for that year of assessment to tax of twenty thousand ringgit. (2) An offshore company shall, when exercising an election under subsection (1), file a statutory declaration in the prescribed form with the Director-General. (3) The provisions of section 5 shall not apply to an offshore company which elects to be charged to tax under subsection (1).