RPGT 1976: Amendment of Section 2 – Interpretation
The Finance (No. 2) Bill 2023 proposes an amendment to section 2 of the Real Property Gains Tax Act 1976. 5
Amendment of Schedule 7 – Double Taxation Relief
“Schedule 7 – Double Taxation Relief” is read as follows:- Bilateral credit 1. Subject to this Schedule, the amount of Malaysian tax payable for a year of assessment shall be reduced by the amount of any bilateral credit. 2. Bilateral credit shall not be allowed against Malaysian tax for any year of assessment unless the […]
Amendment of Schedule 6 – Exemption from Tax
Under Para 13(1) of the Income Tax Act 1967, The income of— (a) an institution, organisation or fund approved for the purposes of section 44(6) so long as the approval remains in force; (b) a religious institution or organisation in respect of any contribution received for charitable purposes in the basis year for a year […]
Amendment of Schedule 3 of the ITA 1967: Special Allowances for Small Value Assets
Paragraph 19A of Schedule 1 of the Income Tax Act 1967, titled ‘Special Allowances for Small Value Assets,’ is read as follows: Para 19A(1) Where in the basis period for a year of assessment, a person for the purposes of a business of his incurred qualifying plant expenditure in relation to an asset or assets, […]
Amendment of Schedule 1 – Rates of Tax on Disposal of Capital Assets
Finance (No 2) Bill 2023 proposed Amendment of Schedule 1 Schedule 1 to the Income Tax Act 1967 is amended by inserting after Part XX the following part: “Part XXI Notwithstanding Part I, income tax shall be charged for a year of assessment on the income of a company, limited liability partnership, trust body or […]
