INCOME TAX (EXEMPTION) (NO. 10) ORDER 2000

INCOME TAX (EXEMPTION) (NO. 10) ORDER 2000

 

In exercise of the powers conferred by paragraph 127(3) (b) of the Income Tax Act 1967 [Act 53], the Minister makes the following order:

Citation and commencement

1.  (1)     This order may be cited as the Income Tax (Exemption) (No. 10) Order 2000.

(2)     This Order shall have effect for the year of assessment 2000 in respect of the basis period ending in the year 2000 and subsequent years of assessment.

Interpretation

2.  For the purpose of this Order -

"domestic company" has the meaning assigned to it in the Offshore Companies Act 1990 [Act 441]; and

"offshore company" has the meaning assigned to it in the Labuan Offshore Business Activity Tax Act 1990 [Act 445].

Exemption

3.  (1)     The Minister exempts the shareholders of a domestic company from the payment of income tax on dividends received from that company which are paid out of the dividends received from an offshore company.

(2)     Nothing in subparagraph (1) shall absolve or be deemed to have absolved the shareholders from complying with any requirement to submit any return or statement of accounts or to furnish any other information under the provisions of the Act.

 

Made 23 February 2000.

[Perb. (C) 0. 217 (SJ. 21) Vol. 2(62) ; LHDN. 01/35/(S) /42/51/231-12;

PN(PU2) 80/XXVII]

 

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 127(4) of the Income Tax Act 1967)