FINANCE ACT 1985

Finance LAWS OF MALAYSIA REPRINT Act 315 FINANCE ACT 1985 Incorporating all amendments up to 1 January 2006 PUBLISHED BY THE COMMISSIONER OF LAW REVISION, MALAYSIA UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968 IN COLLABORATION WITH PERCETAKAN NASIONAL MALAYSIA BHD 2006 1 2 FINANCE ACT 1985 Date of Royal Assent ... ... ... … … 22 May 1985 Date of publication in the Gazette … ... 30 May 1985 PREVIOUS REPRINT First Reprint ... ... ... ... ... 2001 3 LAWS OF MALAYSIA Act 315 FINANCE ACT 1985 ARRANGEMENT OF SECTIONS CHAPTER I PRELIMINARY Section 1. Short title and commencement 2. Amendments of Acts CHAPTER II AMENDMENTS TO THE INCOME TAX ACT 1967 3. Commencement of amendments to the Income Tax Act 1967 4. Amendment of section 45 CHAPTER III AMENDMENTS TO THE PETROLEUM (INCOME TAX) ACT 1967 5. Commencement of amendments to the Petroleum (Income Tax) Act 1967 6. Amendment of section 18 7. Amendment of Schedule 2 4 Laws of Malaysia ACT 315 Finance 5 LAWS OF MALAYSIA Act 315 FINANCE ACT 1985 An Act to amend the Income Tax Act 1967 and the Petroleum (Income Tax) Act 1967 and to provide for matters connected therewith. [ ] BE IT ENACTED by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows: CHAPTER I PRELIMINARY Short title and commencement 1. This Act may be cited as the Finance Act 1985 and shall have effect as provided in this Act. Amendments of Acts 2. The Income Tax Act 1967 [Act 53] and the *Petroleum (Income Tax) Act 1967 [Act 45 of 1967] are amended respectively in the manner specified in Chapters II and III respectively. CHAPTER II AMENDMENTS TO THE INCOME TAX ACT 1967 Commencement of amendments to the Income Tax Act 1967 3. The provisions of this Chapter shall have effect for the year of assessment 1985 and subsequent years of assessment. *NOTE—The Petroleum (Income Tax) Act 1967 [Act 45 of 1967] has since been revised as the Petroleum (Income Tax) Act 1967 [Act 543]. 6 Laws of Malaysia ACT 315 Amendment of section 45 4. Section 45 of the Income Tax Act 1967 is amended by substituting for the words “one hundred thousand ringgit” in subsection (6) the words “three hundred thousand ringgit”. CHAPTER III AMENDMENTS TO THE PETROLEUM (INCOME TAX) ACT 1967 Commencement of amendments to the Petroleum (Income Tax) Act 1967 5. The provisions of this Chapter shall have effect for the year of assessment 1985 and subsequent years of assessment. Amendment of section 18 6. Subsection 18(1) of the Petroleum (Income Tax) Act 1967 which in this Chapter is referred to as “the principal Act”, is amended— (a) by substituting for the full stop at the end of paragraph (l) the sign and the word “; or”; and (b) by inserting immediately after paragraph (l) the following new paragraph (m): “(m) any sum paid by way of rentals in respect of a motor vehicle (other than a lorry, truck, bus, mini bus, van or station wagon licensed or permitted by the appropriate authority for commercial transportation of goods or passengers) in excess of twenty-five thousand ringgit: Provided that the maximum amount of deduction of rentals in respect of such motor vehicle in the year of assessment and subsequent years of assessment shall not in the aggregate exceed twenty-five thousand ringgit in respect of the said motor vehicle.”. Finance 7 Amendment of Schedule 2 7. Schedule 2 to the principal Act is amended by substituting for the word “fifteen” in subparagraph 2(2) the word “twenty-five”. 8 Laws of Malaysia ACT 315 LAWS OF MALAYSIA Act 315 FINANCE ACT 1985 LIST OF AMENDMENTS Amending law Short title –NIL– In force from Finance 9 LAWS OF MALAYSIA Act 315 FINANCE ACT 1985 LIST OF SECTIONS AMENDED Section Amending authority –NIL– DICETAK OLEH PERCETAKAN NASIONAL MALAYSIA BERHAD, KUALA LUMPUR BAGI PIHAK DAN DENGAN PERINTAH KERAJAAN MALAYSIA In force from 10 Laws of Malaysia ACT 315