INCOME TAX (EXEMPTION) (NO.12) ORDER 1996
PU (A) 64
IN
exercise of the powers conferred by paragraph 127(3)(b) of the Income Tax Act
1967, the Minister makes the following order :
PARAGRAPH 1 CITATION
AND COMMENCEMENT
1 This order may be
cited as the Income Tax (Exemption) (No. 12) Order 1996 and shall have effect
for the year of assessment 1997 and subsequent years of assessment.
PARAGRAPH
2 EXEMPTION FROM TAX ON SAVINGS
AND FIXED DEPOSIT ACCOUNTS, ETC.
2 The Minister exempts from tax
(a) interest which accrues to an individual
for the basis year for a year of assessment in respect of money deposited in
any savings account with the Bank Simpanan Nasional;
(b) interest or bonus which accrues to an
individual for the basis year for a year of assessment in respect of money
deposited with the Bank Simpanan Nasional under the “Save As You Earn” scheme;
(c) interest up to an amount equivalent to
interest accruing on a deposit of RM100,000.00 (One Hundred Thousand Ringgit)
for a calendar year which accrues to an individual for the basis year for a
year of assessment in respect of money deposited in any savings account with a
registered co-operative society, Bank Pertanian Malaysia, Malaysia Building
Society Berhad, Borneo Housing Mortagage Finance Berhad or with any other
institution that may be approved by the Minister;
(d) bonus which accrues to an individual for
the basis year for a year of assessment in respect of money deposited in any
savings account with Lembaga Tabung Haji;
(e) interest up to an amount equivalent to
interest accruing on a deposit of RM100,000.00 (One Hundred Thousand Ringgit)
for a calendar year which accrues to an individual for the basis year for a
year of assessment in respect of money deposited in any savings account with a
bank or finance company licensed under the Banking and Financial Institutions
Act 1989;
(f) interest up to an amount equivalent to
interest accruing on a deposit of RM100,000.00 (One Hundred Thousand Ringgit)
which accrues to an individual for the basis year for a year of assessment in
respect of money deposited in any fixed deposit account (including negotiable
certificates of deposits) for a period not exceeding twelve months with :
(i) Bank Pertanian
Malaysia;
(ii) Bank Kerjasama
Rakyat Malaysia Berhad;
(iii) Bank Simpanan
Nasional;
(iv) Borneo Housing
Mortgage Finance Berhad;
(v) Malaysia Building
Society Berhad; or
(vi) a bank or finance
company licensed under the Banking and Financial Institutions Act 1989; and
(g) interest which accrues to an individual
for the basis year for a year of assessment in respect of money deposited in
any fixed deposit account (including negotiable certificates of deposits) for a
period of twelve months or more with :
(i) Bank Pertanian Malaysia;
(ii) Bank Kerjasama Rakyat Malaysia Berhad;
(iii) Bank Simpanan Nasional;
(iv) Borneo Housing Mortgage Finance Berhad;
(v) Malaysia Building Society Berhad; or
(vi) A bank or finance company licensed under
the Banking and Financial Institutions Act 1989.
PARAGRAPH 3 REVOVATION
3. The Income Tax
(Exemption) (No.3) Order 1989 is revoked with effect from 1 January 1996.
Made 22 January 1996
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