INCOME TAX (EXEMPTION) (NO.12) ORDER 1996

INCOME TAX (EXEMPTION) (NO.12) ORDER 1996

 

PU (A) 64

 

 

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

 

PARAGRAPH 1         CITATION AND COMMENCEMENT

 

1          This order may be cited as the Income Tax (Exemption) (No. 12) Order 1996 and shall have effect for the year of assessment 1997 and subsequent years of assessment.

 

PARAGRAPH 2         EXEMPTION FROM TAX ON SAVINGS AND FIXED DEPOSIT ACCOUNTS, ETC.

 

2    The Minister exempts from tax

 

(a)        interest which accrues to an individual for the basis year for a year of assessment in respect of money deposited in any savings account with the Bank Simpanan Nasional;

 

(b)        interest or bonus which accrues to an individual for the basis year for a year of assessment in respect of money deposited with the Bank Simpanan Nasional under the “Save As You Earn” scheme;

 

(c)        interest up to an amount equivalent to interest accruing on a deposit of RM100,000.00 (One Hundred Thousand Ringgit) for a calendar year which accrues to an individual for the basis year for a year of assessment in respect of money deposited in any savings account with a registered co-operative society, Bank Pertanian Malaysia, Malaysia Building Society Berhad, Borneo Housing Mortagage Finance Berhad or with any other institution that may be approved by the Minister;

 

(d)        bonus which accrues to an individual for the basis year for a year of assessment in respect of money deposited in any savings account with Lembaga Tabung Haji;

 

(e)        interest up to an amount equivalent to interest accruing on a deposit of RM100,000.00 (One Hundred Thousand Ringgit) for a calendar year which accrues to an individual for the basis year for a year of assessment in respect of money deposited in any savings account with a bank or finance company licensed under the Banking and Financial Institutions Act 1989;

 

(f)        interest up to an amount equivalent to interest accruing on a deposit of RM100,000.00 (One Hundred Thousand Ringgit) which accrues to an individual for the basis year for a year of assessment in respect of money deposited in any fixed deposit account (including negotiable certificates of deposits) for a period not exceeding twelve months with :

 

(i)         Bank Pertanian Malaysia;

(ii)        Bank Kerjasama Rakyat Malaysia Berhad;

(iii)       Bank Simpanan Nasional;

(iv)       Borneo Housing Mortgage Finance Berhad;

(v)        Malaysia Building Society Berhad; or

(vi)       a bank or finance company licensed under the Banking and Financial Institutions Act 1989; and

 

(g)        interest which accrues to an individual for the basis year for a year of assessment in respect of money deposited in any fixed deposit account (including negotiable certificates of deposits) for a period of twelve months or more with :

 

(i)         Bank Pertanian Malaysia;

(ii)        Bank Kerjasama Rakyat Malaysia Berhad;

(iii)       Bank Simpanan Nasional;

(iv)       Borneo Housing Mortgage Finance Berhad;

(v)        Malaysia Building Society Berhad; or

(vi)       A bank or finance company licensed under the Banking and Financial Institutions Act 1989.

 

PARAGRAPH 3         REVOVATION

 

3.         The Income Tax (Exemption) (No.3) Order 1989 is revoked with effect from 1 January 1996.

 

 

 

Made 22 January 1996