INCOME TAX (DEDUCTION FOR
PROMOTION OF EXPORTS) (NO. 3) RULES 2002 [P.U. (A) 117]
(Gazetted on 28 March, 2002)
IN exercise of the powers conferred by paragraph 154(1)(b) of
the Income Tax Act 1967 [Act 53], the Minister makes the following
rules:
Citation and commencement
1. (1) These rules may be cited as the Income Tax
(Deduction for Promotion of Exports) (No. 3) Rules 2002.
(2) These Rules shall have effect from the year
of assessment 2002.
Company eligible for deduction
2. Every company
resident in Malaysia for the basis year for a year of assessment shall be
eligible for the deduction under these Rules for that year of assessment.
Deduction
3. (1) Subject to these Rules, for the purpose of ascertaining
under the Act the adjusted income of a company from its business for the basis
period for a year of assessment, there shall be allowed as a deduction any
outgoings and expenses
of the kind described in subparagraph (2)which were incurred —
(a) by the company during
that basis period with respect to the business; and
(b) primarily and principally
for the purpose of promoting the exports.
(2) The outgoings and expenses referred to in
subparagraph (1) are —
(a) expenses
incurred in respect of hotel accommodation up to a maximum of three nights
subject to a maximum of three hundred ringgit per day; and
(b) expenses incurred in respect of sustenance up to a maximum of
three nights subject to a maximum of one hundred and fifty ringgit per day,
provided to potential importers who have been invited to Malaysia.
Qualification for deduction
4. To qualify for a
deduction under rule 3,the company claiming the deduction shall satisfy the
following conditions:
(a) the
potential importers are invited to Malaysia as a follow-up to trade and
investment mission organized by the Government agencies or industrial
associations or trade associations; and
(b) provide
proof of participation as verified by the Malaysia External Trade Development
Corporation (MATRADE) that the company had participated in a trade and
investment mission organized by Government agencies or industrial associations
or trade associations in the period preceding twelve months from the date of
the potential importer’s visit to Malaysia.
Made 13 March 2002.
[Perb.0.3865/73
(SJ.45);LHDN.01/35/(S)/42/51/82-11; PN(PU2)80/XXXII]
On behalf and in the name of the
Minister of Finance,
CHAN KONG CHOY
Deputy Minister of Finance
[To be laid before the
Dewan Rakyat pursuant to subsection 154(2) of the Income Tax Act 1967]
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