Home | Databases | WorldLII | Search | Feedback Malaysian Legislation

Finance Act 1985

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

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

5Finance

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.".

7Finance

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 In force from

­NIL­

9Finance

LAWS OF MALAYSIA

Act 315

FINANCE ACT 1985

LIST OF SECTIONS AMENDED

Section Amending authority In force from

­NIL­

DICETAK OLEH

PERCETAKAN NASIONAL MALAYSIA BERHAD,

KUALA LUMPUR

BAGI PIHAK DAN DENGAN PERINTAH KERAJAAN MALAYSIA

10 Laws of Malaysia ACT 315