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.
