INCOME TAX (EXEMPTION) (NO. 15) ORDER 2002

INCOME TAX (EXEMPTION) (NO. 15) ORDER 2002

(Gazetted on 28 March, 2002)

 

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. 15) Order 2002.

 

     (2)  This Order shall have effect from the year of assessment 2002.

 

Interpretation

 

2.  In this Order, unless the context otherwise requires —

 

         “international trade exhibition ” means an international trade exhibition held in Malaysia and approved by the Malaysia External Trade Development Corporation (MATRADE);

 

         “foreign trade visitors ” means individuals who are non Malaysian citizens visiting the international trade exhibition, but does not include individuals who are non Malaysian citizens who reside in Malaysia;

 

         “international trade exhibition promoter ” means a company incorporated under the Companies Act 1965 [Act 125], or association or organization registered under the Societies Act 1966 [Act 335 ] performing the duties of organizing an international trade exhibition;

 

         “statutory income derived from organizing an international trade exhibition ” means fees and other payments received by a company,an association or an organization in performing its duties as an international trade exhibition promoted less allowable expenses for tax purposes and capital allowances, if any.

 

Exemption

 

3.  (1)  The Minister exempts an international trade exhibition promoter resident in Malaysia from the payment of income tax in respect of the statutory income derived from organizing an international trade exhibition in Malaysia.

 

     (2)  The exemption in subparagraph (1) shall apply where the total number of foreign trade visitors brought in by the international trade exhibition promoter for the international trade exhibition,as verified by the Malaysia External Trade

Development Corporation (MATRADE), is not less than five hundred in the basis period for a year of assessment.

 

     (3)  Nothing in subparagraph (1) shall absolve or be deemed to have absolved the international trade exhibition promoter 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.

 

Keeping of separate accounts

 

4.  An international trade exhibition promoter seeking exemption under subparagraph 3(1) shall maintain a separate account for the statutory income derived from organizing an international trade exhibition.

 

Application of paragraphs 5 and 6 of Sehedule 7A

 

5.  In relation to a company,paragraphs 5 and 6 of Schedule 7A to the Act shall apply, mutatis mutandis, to the amount of statutory income derived from organizing an international trade exhibition exempted from the payment of income tax

under subparagraph 3(1).

 

Made 13 March 2002.

[Perb.0.3865/73 (SJ.39); LHDN.01/35/(S)/42/51/231-2/82-10-1; 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 127(4) of the Income Tax Act 1967 ]