INCOME TAX (DEDUCTIONS OF INSURANCE PREMIUMS FOR EXPORTERS)

INCOME TAX (DEDUCTIONS OF INSURANCE PREMIUMS FOR EXPORTERS)

RULES 1995

 

PU (A) 79

 

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

 

PARAGRAPH 1         CITATION AND COMMENCEMENT

 

1          These Rules may be cited as the Income Tax (Deductions of Insurance Premiums for Exporters) Rules 1995 and shall have effect for the year of assessment 1995 and subsequent years of assessment.

 

PARAGRAPH 2         DEDUCTION

 

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

 

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

 

 

Made the 22nd February 1995.