INCOME TAX (ACCELERATED CAPITAL ALLOWANCE) (CONSERVATION OF
ENERGY) RULES 2003 [P.U.(A) 349]
(Gazetted on 18 September, 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 (Accelerated Capital
Allowance) (Conservation of Energy) Rules 2003.
(2) These Rules are deemed to have
effect from the year of assessment 2003.
Interpretation
2.
For the purposes of these Rules, “qualifying plant expenditure” means capital
expenditure incurred under paragraph 2 of Schedule 3 to the Act.
Application
3.
These Rules shall apply to a company in respect of qualifying plant expenditure
incurred in the basis period for a year of assessment on the provision of plant
or machinery as certified by the Ministry of Energy, Communications and
Multimedia
as a plant or machinery used exclusively for the conservation of energy of its
business.
Initial
allowance
4.
Initial allowance provided under paragraph 10 of Schedule 3 to the Act, shall
be equal to two-fifth of the qualifying plant expenditure.
Annual
allowance
5.
(1) Subject to subparagraph (2), annual allowance provided under paragraph 15
of Schedule 3 to the Act shall be equal to three-fifth of the qualifying plant
expenditure.
(2) Where a company had incurred qualifying plant expenditure and
has been allowed an annual allowance under the Income Tax (Accelerated Capital
Allowance) (Conservation of Energy) Rules 2001 [P.U. (A) 82/2001],
the
annual allowance for the year of assessment 2003 shall be the amount of that
qualifying plant expenditure reduced by the total allowances allowed under
these Rules.
Non-application
6.
These Rules shall not apply to a company—
(a) for the period during which the company has been granted any
incentives except for deductions for promotion of exports under the Promotion
of Investment Act 1986 [Act 327]; or
(b) for the period during which the company had been given reinvestment
allowance under Schedule 7A of the Act.
Revocation
7.
The Income Tax (Accelerated Capital Allowance) (Conservation of Energy) Rules
2001 [P.U. (A) 82/2001]
is revoked with effect from the year of assessment 2003.
Made
28 August 2003
[Perb.
0.3865/305 vol. 3; LHDN. 01/35/(S)/42/51/231-17.3; PN(PU2)80/XXXIX]
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]
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