INCOME TAX (QUALIFYING PLANT ANNUAL ALLOWANCES)(COST OF PROVISION
OF COMPUTER SOFTWARE) RULES 1999
IN exercise of the powers conferred by paragraphs 154(1)(b) and
(f) 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 (Qualifying Plant Allowances) (Cost of Provision
of Computer Software) Rules 1999.
(2) These Rules shall have effect for the year
of assessment 1999 and subsequent years of assessment.
Interpretation
2. In these Rules, unless the context otherwise requires,
"qualifying plant expenditure" means capital expenditure incurred on
the cost of provision of computer software, either the software system or
software package.
Initial allowance
3. Initial allowance
under paragraph 10 of Schedule 3 to the Act, on qualifying plant expenditure
under these Rules, shall be calculated at the rate of twenty per centum.
Annual allowance
4. Annual allowance
under paragraph 15 of Schedule 3 to the Act, on qualifying plant expenditure
under these Rules, shall be calculated at the rate of forty per centum.
Non-application
5. These Rules shall
not apply to qualifying plant expenditure which has been granted the initial
and the annual allowances under the Income Tax (Qualifying Plant Allowances)
(Computers and Information Technology Equipment) Rules 1998[P.U. (A) 187/98].
Made 13 May 1999.
[Perb. SR (8.09) 294/614-7; PN(PU2)80/XXVI; LHDN.
01/35/(S)/42/51182-35.1]
DATO' MUSTAPA BIN
MOHAMED
Second Minister of
Finance
[To be laid before the Dewan Rakyat pursuant to subsection 154(2)
of the Income Tax Act 1967]
No comments:
Post a Comment