INCOME TAX (INDUSTRIAL BUILDING ALLOWANCE) (OLD FOLKS CARE CENTRE) RULES 2003 [P.U.(A) 143]

INCOME TAX (INDUSTRIAL BUILDING ALLOWANCE) (OLD FOLKS

CARE CENTRE) RULES 2003 [P.U.(A) 143]

(Gazetted on 22 May, 2003)

 

IN exercise of the powers conferred by paragraph 154(1)(b) of the Income Tax Act 1967 [Act 53], the Minister makes the following rules:

 

Citation and commencement

 

1. (1) These rules may be cited as the Income Tax (Industrial Building Allowance) (Old Folks Care Centre) Rules 2003.

 

(2) These Rules are deemed to have effect from the year of assessment 2003.

 

Application

 

2. (1) These Rules shall apply to a person in respect of qualifying building expenditure incurred in the basis period for a year of assessment for the purpose of his business relating to the construction or purchase of a building used as

an old folks care centre approved by the Social Welfare Department.

 

(2)  For the purpose of subrule (1), “qualifying building expenditure” means capital expenditure incurred under paragraph 3 of Schedule 3 to the Act.

 

Allowance

 

3. The amount of the allowance under paragraph 80 of Schedule 3 to the Act, shall be equal to one tenth of the qualifying building expenditure for that year of assessment and each year for the nine following years of assessment.

 

Made 5 May 2003

 

[Perb. 0.3865/323 (Sk.1); LHDN. 01/35/(S)/42/51/60-7; PN(PU²)80/XXXVII]

 

DR. JAMALUDIN BIN MOHD JARJIS                                                                                                          

 Second Minister of Finance

 

[To be laid before the Dewan Rakyat pursuant to subsection 154(2) of the Income Tax Act 1967]