INCOME TAX (EXEMPTION) (NO.24) ORDER 1993

INCOME TAX (EXEMPTION) (NO.24) ORDER 1993

 

PU (A) 238

 

 

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.24) Order 1993 and shall have effect for the year of assessment 1992 and subsequent years of assessment.

 

PARAGRAPH 2         EXEMPTION

 

2       The Minister exempts from tax, in the manner prescribed in paragraph 3, income derived by an approved research institute or approved research company, resident in Malaysia.

 

PARAGRAPH 3         ADJUSTED INCOME TO BE EXEMPT AND PERIOD OF EXEMPTION

 

3       Income mentioned in paragraph 2 shall be the adjusted income as ascertained under the Act and shall be exempt for a period of five consecutive years of assessment commencing from the year of assessment in the basis period in which the approval is to take effect.

 

PARAGRAPH 4         ADJUSTED LOSS DURING THE PERIOD OF EXEMPTION

 

4       The amount of adjusted loss for each year of assessment, if any, incurred during the period of exemption shall be deemed to have been incurred in the basis period for the year of assessment immediately after the exempt period

 

PARAGRAPH 5         APPLICATION OF PARAGRAPH 5 AND 6 OF SCHEDULE 7A

 

5       In relation to a company, paragraph 5 and 6 of the Schedule 7A of the Act shall apply, mutatis mutandis, to the amount of the adjusted income exempt under paragraph 2

 

History

Para. 5 amended by PU(A) 400/93, corrigendum effective From 3 December 1993, by substituting “to” for “of”

PARAGRAPH 6         INTERPRETATION

 

6       For the purpose of this Order, the words “approved research institute” and “approved research company” shall have the same meanings assigned thereto in section 34B of the Act.

 

 

 

Made the 19th July 1993.