INCOME TAX (DEDUCTIONS OF INSURANCE PREMIUMS FOR IMPORTERS) RULES 1982

INCOME TAX (DEDUCTIONS OF INSURANCE PREMIUMS FOR IMPORTERS) RULES 1982

 

PU (A) 72

 

IN exercise of the powers conferred by subsection (1) of section 154 of the Income Tax Act 1967, the Minister makes the following Rules:

 

RULE 1           CITATION AND COMMENCEMENT

 

1   These Rules may be cited as the Income Tax (Deductions of Insurance Premiums for Importers) Rules 1982 and shall have effect for the year of assessment 1982 and subsequent years of assessment.

 

RULE 2           DEDUCTIONS

 

2(1)   For the purpose of ascertaining the adjusted income of a person from a business under the Act, there shall be allowed as a deduction any premium of a kind allowable under section 33 of the Act payable in respect of insurance of cargo imported by that person provided the risks are insured with any insurance company incorporated in Malaysia.

2(2)   The deduction under Rules shall be in addition to any deduction allowable under section 33 of the Act.

 

 

Made the 2nd March, 1982.