INCOME TAX (DEDUCTIONS FOR FREIGHT CHARGES) RULES 1990

INCOME TAX (DEDUCTIONS FOR FREIGHT CHARGES) RULES 1990

 

PU (A) 422

 

 

IN exercise of the powers conferred by section 154(1)(b) of the Income Tax Act 1967, the Minister makes the following rules:

 

RULE 1      CITATION AND COMMENCEMENT

 

1.      These Rules may be cited as the Income Tax (Deductions for Freight Charges) Rules 1990 and shall have effect for the year of assessment 1991 and subsequent years of assessment.

 

RULE 2      DEDUCTIONS

 

2(1)   Subject to these Rules, for the purposes of ascertaining the adjusted income of a person from a business under this Act, there shall be allowed as a deduction any freight charges incurred by him in respect of rattan and wood-based products exported by him.

 

2(2)   The deduction under these Rules shall be in addition to any deduction allowable under section 33 of the Act.

 

RULE 3      SATISFACTION OF CONDITION TO QUALIFY FOR DEDUCTION

 

3.      In order to qualify for a deduction under Rule 2, the person claiming the deduction must be engaged in the manufacture of rattan and wood-based products referred to in that Rule.

 

RULE 4      INTERPREATATION

 

4.         For purposes of these Rules rattan and wood-based products exclude sawn timber and veneer.