INCOME TAX (EXEMPTION) (NO. 24) ORDER 2002

INCOME TAX (EXEMPTION) (NO. 24) ORDER 2002

(Gazetted on 16 May, 2002)

 

IN exercise of the powers conferred by paragraph 127(3)(b) of the Income Tax Act 1967 [Act 53], the Minister makes the following order:

 

Citation and commencement

 

1.   (1)   This order may be cited as the Income Tax (Exemption) (No. 24) Order 2002.

 

      (2)   This Order shall be deemed to have come into operation on 20 October, 2001.

 

Exemption

 

2.   (1)   The Minister exempts a person who is a non-resident of Malaysia from the payment of income tax in respect of income derived from the rental of International Standard Organisation containers by a Malaysian shipping company.

 

      (2)   For the purpose of subparagraph (1), “Malaysian shipping company” means a company resident in Malaysia which carries on a business of —

 

(a)   transporting passengers and cargo by sea on a ship; or

 

(b)   letting out a ship on a voyage or time charter basis.

 

Non-application

 

3.   The provisions of section 109B of the Act shall not apply to income exempted under this Order.

 

Revocation

 

4.   The Income Tax (Exemption) (No. 17) Order 2002 [P.U.(A) 136/2002] published in the Gazette on 13 April, 2002 is revoked.

 

 

Made 7 May 2002.

[Perb.CR(8.20)116/1-138 (2002) Vol. 2 (SK.4); LHDN. 01/35/(S)/42/51/231-2/82-10.1; PN(PU ²)80/XXXII]

 

On behalf and in the name of the Minister of Finance

 

CHAN KONG CHOY

Deputy Minister of Finance

 

[To be laid before the Dewan Rakyat pursuant to subsection 127(4) of the Income Tax Act 1967]