INCOME TAX (EXEMPTION) (NO. 23) ORDER 2002
(Gazetted on 16 May, 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. 23) Order 2002.
(2) This Order shall be deemed to have effect from
20 October 2001.
Interpretation
2. For the purpose of this
Order —
“luxury yacht ” means a
light sailing vessel propelled by sails, steam, electricity or motive power
other than oars equipped with —
(a) bathrooms, galleys,
saloons, cabins and staterooms, which has exotic and expensive furnishings and
finishing; and
(b) recreational
facilities,
as
verified by the Ministry of Transport Malaysia;
“provision of services
”means provision of chartering services of a luxury yacht departing from and
ending at any port in Malaysia.
Exemption
3. (1) The Minister exempts a company resident in
Malaysia from the payment of income tax in respect of the statutory income
derived from the provisions of services approved by the Minister for a period
of five consecutive years of assessment commencing from the year of assessment
in the basis period in which the approval is in effect.
(2) Nothing in subparagraph (1) shall absolve or be
deemed to have absolved the company 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. A company seeking
exemption under subparagraph 3(1) shall maintain a separate account for the
income derived from the provision of services.
Application
of paragraphs 5 and 6 of Schedule 7A
5. Paragraphs 5 and 6 of
Schedule 7A to the Act shall apply, mutatis mutandis, to the statutory
income exempted under subparagraph 3(1)of this Order.
Made
26 April 2002.
[Perb.0.3865/G/4
(SJ.2); LHDN 01/35/42/51/231-17.2; PN(PU 2 ) 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.]
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