201906.28

Finance Act 1992

in Statute: Finance Law

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Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476

Incorporating all amendments up to 1 January 2007

Date of Royal Assent ... ... ... ...

30 January 1992

Date of publication in the Gazette ...

20 February 1992

Date of coming into operation ... ...

As provided in the Act

ACT 476
FINANCE ACT 1992

Chapter I PRELIMINARY

SECTION

1.Short title

2.Amendments and repeal

Chapter II AMENDMENTS TO THE INCOME TAX ACT 1967

SECTION

3.Commencement of amendments to the Income Tax Act 1967

4.Amendment of section 18

5.Amendment of section 34

6.Amendment of section 43

7.Amendment of section 44

8.Amendment of section 46

9.Amendment of section 47

10.Amendment of section 48

11.Amendment of section 49

12.Amendment of section 50

13.Amendment of section 60

14.Amendment of section 60d

15.Amendment of section 60e

16.Amendment of section 95

17.Amendment of Schedule 1

18.Amendment of Schedule 3

19.Amendment of Schedule 6

Chapter III AMENDMENT TO THE SUPPLEMENTARY INCOME TAX ACT 1967

SECTION

20.Commencement of amendment to the Supplementary Income Tax Act 1967

21.Amendment of section 16

Chapter IV AMENDMENTS TO THE REAL PROPERTY GAINS TAX ACT 1976

SECTION

22.Commencement of amendments to the Real Property Gains Tax Act 1976

23.Amendment of section 16

24.Amendment of section 17

25.Amendment of section 21b

26.Amendment of Schedule 2

Chapter V AMENDMENTS TO THE SERVICE TAX ACT 1975

SECTION

27.Commencement of amendments to the Service Tax Act 1975

28.Amendment of section 3

29.Amendment of section 4

30.Amendment of section 7

31.Amendment of section 8

Chapter VI AMENDMENTS TO THE STAMP ACT 1949

SECTION

32.Commencement of amendments to the Stamp Act 1949

33.Amendment of section 2

34.Deletion of section 34

35.Amendment of section 42

36.Amendment of section 43

37.Amendment of section 44

38.Amendment of section 45

39.Substitution of section 47

40.Deletion of sections 54 and 62

41.Amendment of section 63

42.Amendment of section 65

43.Amendment of First Schedule

44.Amendment of Second Schedule

Chapter VII REPEAL OF THE ESTATE DUTY ENACTMENT 1941, THE ESTATE DUTY ORDINANCE OF SABAH, THE ESTATE DUTY ORDINANCE OF SARAWAK, THE FINANCE (ESTATE DUTY) ACT 1965, THE FINANCE (ESTATE DUTY) ACT 1971, THE FINANCE (ESTATE DUTY) ACT 1979 AND THE FINANCE (ESTATE DUTY) ACT 1980

SECTION

45.Commencement of this Chapter

46.Repeal of the Estate Duty Enactment 1941, etc., and saving

An Act to amend the Income Tax Act 1967, the Supplementary Income Tax Act 1967, the Real Property Gains Tax Act 1976, the Service Tax Act 1975 and the Stamp Act 1949, and to repeal the Estate Duty Enactment 1941, the Estate Duty Ordinance of Sabah, the Estate Duty Ordinance of Sarawak, the Finance (Estate Duty) Act 1965, the Finance (Estate Duty) Act 1971, the Finance (Estate Duty) Act 1979 and the Finance (Estate Duty) Act 1980.

[21 February 1992]

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:

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/1.Short title

1. Short title

This Act may be cited as the Finance Act 1992.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/2.Amendments and repeal

2. Amendments and repeal

(1)* The Income Tax Act 1967 [Act 53], the *Supplementary Income Tax Act 1967 [Act 54], the Real Property Gains Tax Act 1976 [Act169], the Service Tax Act 1975 [Act 151] and the Stamp Act 1949 [Act378] are amended in the manner specified in Chapters II, III, IV, V and VI respectively.

(2) The EstateDuty Enactment 1941 [FM.S. 7[#8260]41],the Estate Duty Ordinance of Sabah [Sabah Cap.42], the Estate Duty Ordinance of Sarawak [Sarawak Cap. 29 ], the Finance (Estate Duty)Act 1965 Act 29 of 1965], the Finance (Estate Duty) Act 1971 [Act38], the Finance (Estate Duty) Act 1979 [Act 219] and the Finance (Estate Duty) Act 1980 [Act 224] are repealed in the manner specified in Chapter VII .

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/3.Commencement of amendments to the Income Tax Act 1967

3. Commencement of amendments to the Income Tax Act 1967

(1) Except for sections 6, 7, 11, 12 and paragraph18(a), this Chapter shall have effect for the year of assessment 1992 and subsequent years of assessment.

(2) Sections 6, 11, 12 and paragraph 18(a) shall be deemed to have effect for the year of assessment 1991 andsubsequent years of assessment.

(3) Section 7 shall be deemed to have come into force on 1 January 1990.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/4.Amendment of section 18

4. Amendment of section 18

Section 18 of the Income Tax Act 1967 [Act 53], which in this Chapter is referred to as the "principal Act", is amended by inserting, immediately after the definition of "defined value", the following new definition:

' "disabled person"

means any individual certified in writing by the Department of Social Welfare to be a disabled person;'.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/5.Amendment of section 34

5. Amendment of section 34

Section 34 of the principal Act is amended--

(a) in subsection (6)--

(i) by deleting the word "and" at the end of paragraph (c);

(ii) by substituting for the full stop at the end of paragraph (d) the word "; and"; and

(iii) by inserting, immediately after paragraph (d), the following new paragraph (e):

"(e) an amount equal to the amount of expenditure incurred by the relevant person in the relevant period on the provision of any equipment necessary to assist any disabled person employed by him in the production of gross income of his from the business."; and

(b) by substituting for subsection (8) the following:

"(8) Where any deduction in respect of any matter is capable of being made under this section, no deduction or allowance in respect of that matter shall be made under section33 or Schedule 3, as the case may be.".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/6.Amendment of section 43

6. Amendment of section 43

Section 43 of the principal Act is amended by substituting for the words ", 4A or 4B" in paragraph (1)(c) the words "or 4A".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/7.Amendment of section 44

7. Amendment of section 44

Section 43 of the principal Act is amended in subsection (7)--

(a) by deleting the word "or" at the end of paragraph (d) in the definition of the word "organization";

(b) by substituting for the full stop at the end of paragraph (e) in the definition of the word "organization" the word "; or"; and

(c) by inserting, immediately after paragraph (e) in the definition of the word "organization", the following new paragraphs (f) and (g):

"(f) a Government-assisted organization engaged solely in addressing problems relating to industrial and commercial development and promoting and enhancing the relationship between the public sector and the private sector; or

(g) a Government-assisted organization established and maintained exclusively to administer and augment a fund established or held solely for promoting national unity.".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/8.Amendment of section 46

8. Amendment of section 46

Section 46 of the principal Act is amended--

(a) by deleting the word "and" at the end of paragraph (b);

(b) by substituting for the full stop at the end of paragraph (c) the word "; and"; and

"(d) an amount limited to a maximum of three thousand ringgit expended in that basis year by that individual for the purchase of any necessary basic supporting equipment for his own use, if he is a disabled person, or for the use of his wife, child [as defined in subsection 48(9)] or parent, who is a disabled person.".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/9.Amendment of section 47

9. Amendment of section 47

Section 47 of the principal Act is amended by deleting the colon and the proviso thereto in subsection (1).

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/10.Amendment of section 48

10. Amendment of section 48

Section 48 of the principal Act is amended--

(a) in subsection (1)--

(i) by substituting for the word "sixteen" in paragraph (a) the word "eighteen";

(ii) by substituting for paragraph (d) the following:

"(d) pays (wholly or in part) in that basis year for the maintenance at any time in that basis year of an unmarried child if it is proved to the satisfaction of the Director General that the child is physically or mentally disabled,";

(b) in subsection (2), by inserting, immediately after the words "one thousand" in paragraph (b), the words "six hundred"; and

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/11.Amendment of section 49

11. Amendment of section 49

Section 49 of the principal Act is amended--

(a) by deleting the colon and the proviso thereto in subsection (1); and

(b) by inserting, immediately after subsection (1), the following new subsection (1A):

"(1A) Where paragraph 50(3)(b) or (c) applies, there shall be allowed for that year of assessment, in addition to the deduction allowed under subsection (1), a deduction of the aggregate amount of the payments or contributions or both made by the wife or a deduction of three thousand five hundred ringgit, whichever is the less:

Provided that where the wife has no total income the total deduction under subsection (1) and this subsection shall not exceed three thousand five hundred ringgit.".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/12.Amendment of section 50

12. Amendment of section 50

Section 50 of the principal Act is amended by substituting for (b) the following:

"(b) where the wife makes an election under subsection 45(2) or where the wife has no total income for the year of assessmentto which the relevant year relates any premium for any insurance ordeferred annuity within the meaning of paragraph (a) which is paid by the wife in the relevant year shallbe deemed to have been paid by the husband;".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/13.Amendment of section 60

13. Amendment of section 60

Section 60 of the principal Act is amendedby substituting for subsection (7) excluding the proviso the following:

"(7) Where an insurer carrying on general business has--

(a) re-insured the risk or part of therisk with a re-insurer who either does not carry on the business ofinsuring risks of that kind in Malaysia or does not re-insure therisk through a branch in Malaysia; or

(b) re-insured the risk or part of therisk with an insurer licensed under the Offshore Insurance Act 1990 [Act 444], there may be deducted under subparagraph (5)(b)(ii) or (6)(b)(ii) in respect of such risks which are re-insured only ninety-fiveper cent of the amount which would otherwise be deductible:".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/14.Amendment of section 60d

14. Amendment of section 60d

Section 60D of the principal Act is amended--

(a) by substitutingfor the word "two" in the proviso to subsection (1) the word "three";

(b) by substitutingfor subsection (3) the following:

"(3) Where a venture capital company incurs a loss on the disposal of shares in a venture company or on the liquidation of a venture company in the basis period for a year of assessment, such loss shall be allowed as a deduction under subsection43(2) or 44(2) in computing the aggregate income or total income of the venture capital company, as the case may be."; and

"Provided that where, by reason of an absence or insufficiency of such total income for that year of assessment, effect cannot be given or cannot be given in full to any deduction falling to be made to the venture capital company under this section for that year, that deduction which has not been so made shall be made to the company for any subsequent year of assessment.".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/15.Amendment of section 60e

15. Amendment of section 60e

Section 60E of the principal Act is amended--

(a) by inserting, immediately after subsection (4), the following new subsection (4A):

"(4A) The chargeable income of an approved operational headquarters company, resident in Malaysia for the basis year for a year of assessment, in relation to the source consisting of the provision of qualifying services, after deduction of the tax thereon, shall be credited to an account to be kept by that company (that account and that company being referred to as the "exempt account" and the "relevant company" respectively)."; and

(b) by substituting for subsection (6) the following:

"(6) Paragraphs 5 and 6 of Schedule 7A shall apply as if any reference in those paragraphs to any income exempted or which has become exempt under paragraph 3 were reference to income credited to the exempt account under subsection (4A) or income exempt under subsection (5).".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/16.Amendment of section 95

16. Amendment of section 95

Section 95 of the principal Act is amended by substituting for the words "five ringgit" in subsection (1) the words "twenty-five ringgit".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/17.Amendment of Schedule 1

17. Amendment of Schedule 1

Schedule 1 to the principal Act is amended by substituting for the rates appearing in Part IV the following:

"Chargeable Income

Rate of income tax

For every ringgit of the first RM10,000

4 per cent

For every ringgit of the next RM10,000

6 per cent

For every ringgit of the next RM10,000

9 per cent

For every ringgit of the next RM10,000

12 per cent

For every ringgit of the next RM10,000

15 per cent

For every ringgit of the next RM25,000

19 per cent

For every ringgit of the next RM25,000

23 per cent

For every ringgit of the next RM50,000

27 per cent

For every ringgit of the next RM100,000

30 per cent

For every ringgit of the next RM250,000

33 per cent

For every ringgit exceeding RM500,000

35 per cent".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/18.Amendment of Schedule 3

18. Amendment of Schedule 3

Schedule 3 to the principal Act is amended--

(a) by substituting for the figures "1975" in subparagraph 2(2) the figures "1991";

(b) by inserting, immediately after paragraph 2, the following new paragraphs 2A, 2B and 2C:

"2A. Subject to this Schedule, where any person had in use machinery or plant for a non-business purpose, and that machinery or plant is subsequently brought into use for the purposes of a business of his, he is deemed to have incurred qualifying plant expenditure in relation to that machinery or plant and the amount of the qualifying plant expenditure shall be taken to be the market value of the machinery or plant on the day the machinery or plant was so brought into use.

2B. Subject to this Schedule, where--

(a) any person is exempt from tax by or under this Act; or

(b) any income of any person is exempt from tax by or under this Act,and the person had in use machinery or plant for the purposes of a business of his during the exempt period and the machinery or plant continues to be used for the purposes of a business of his immediately after the exempt period, he shall be deemed to have incurred qualifying plant expenditure and the amount of the qualifying plant expenditure in respect thereof shall be taken to be the market value or the net book value, whichever is the lower, of the machinery or plant on the day the exemption ceases.

2C. Subject to this Schedule, where machinery or plant is brought into use for the purposes of a business in Malaysia by any person and prior thereto the machinery or plant had been used for the purposes of a business outside Malaysia, the person shall be deemed to have incurred qualifying plant expenditure and the amount of the qualifying plant expenditure in respect thereof shall be taken to be the market value or the net book value of the machinery or plant, whichever is the lower, on the day the machinery or plant was so brought into use in Malaysia.";

(c) by inserting, immediately after the word "expenditure" at the end of paragraph 10, the words, "or such other fraction as may be prescribed"; and

(d) by inserting, immediately after paragraph 13, the following new paragraph 13A:

"13A. Notwithstanding paragraph 10, 11 or 11A no initial allowance shall be made to a person for a year of assessment in relation to an asset and a business of his referred to in paragraph 2A, 2B or 2C, as the case may be.".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/19.Amendment of Schedule 6

19. Amendment of Schedule 6

Schedule 6 to the principal Act is amended--

(a) by deleting the words "literary or" in paragraph 32;

(b) by substituting for the word "three" in paragraph 32A the word "six";

"32B. Income of twelve thousand ringgit for the basis year for a year of assessment derived by an individual resident in Malaysia for that basis year from royalty or payment in respect of the publication of, or the use of or the right to use, any literary work."; and

(d) by substituting for paragraph 35 the following:

"35. Interest paid or credited to any individual--

(a) in respect of securities or bonds issued by the Government; or

(b) in respect of bonds, other than convertible loan stock, issued by public companies listed on the Kuala Lumpur Stock Exchange.".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/20.Commencement of amendment to the Supplementary Income Tax Act 1967

20. Commencement of amendment to the Supplementary Income Tax Act 1967

This Chapter shall have effect for the year of assessment 1992 and subsequent years of assessment.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/21.Amendment of section 16

21. Amendment of section 16

Section 16 of the Supplementary Income Tax Act 1967 is amended by substituting for the word "three" appearing after the words "rate of" in paragraphs (a) and (b) the word "two".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/22.Commencement of amendments to the Real Property Gains Tax Act 1976

22. Commencement of amendments to the Real Property Gains Tax Act 1976

This Chapter shall be deemed to have come into force on 1 November 1991.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/23.Amendment of section 16

23. Amendment of section 16

Section 16 of the Real Property Gains Tax Act 1976, which in this Chapter is referred to as the "principal Act", is amended--

(a) in subsection (1)--

(i) by deleting the words "and shall include in the assessment a sum equal to ten per cent of that amount, which shall be deemed to be an increase of the kind mentioned in subsection 21(4)";

(ii) by inserting,immediately thereafter, the following new subsection (1A):

"(1A) Where the DirectorGeneral makes an assessment on the acquirer under paragraph (1)(b) there shall be included in that assessmenta sum equal to ten per cent of the tax payable by the disposer, whichshall be deemed to be an increase of the kind mentioned in subsection 21(4)."; and

(b) in subsection (2), by deleting the figure "(1)" in paragraph (b).

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/24.Amendment of section 17

24. Amendment of section 17

Section 17 of the principal Act is amended by deleting the words "subject to subsection (2)--" in paragraph (c).

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/25.Amendment of section 21b

25. Amendment of section 21b

b of the principal Act is amended by substituting for paragraph (1)(a) the following:

"(a) the acquirer shall, until he receives the Director General's certificate of clearance under section 21A, retain the whole of that money or a sum not exceeding five per cent of the total value of the consideration, whichever is the less;".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/26.Amendment of Schedule 2

26. Amendment of Schedule 2

Schedule 2 to the principal Act is amended by substituting for the words "value of the asset for estate duty purposes" in subparagraph19(3) the words "market value of the asset as at the date of the death of that deceased person".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/27.Commencement of amendments to the Service Tax Act 1975

27. Commencement of amendments to the Service Tax Act 1975

This Chapter shall be deemed to have come into force on 1 January 1992.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/28.Amendment of section 3

28. Amendment of section 3

Section 3 of the Service Tax Act 1975, which in this Chapter is referred to as the "principal Act", is amended by substituting for paragraph (a) the following:

"(a) any prescribed service (hereafter in this Act referred to as "taxable service") provided by or in--

(i) any prescribed professional establishment; or

(ii) any prescribed establishment;".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/29.Amendment of section 4

29. Amendment of section 4

Section 4 of the principal Act is amended--

(a) by inserting, immediately after the words "the charge", the word ", premium";

(b) in paragraph (a) --

(i) by renumberingthe existing subparagraph (ii) as subparagraph (iii);

(ii) by inserting,immediately after subparagraph (i), the following new subparagraph (ii):

"(ii) the premium for insurance coverage;"; and

(iii) by inserting, immediately after the words "no charge" and "the charge" in the renumbered subparagraph (iii), the words "or premium".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/30.Amendment of section 7

30. Amendment of section 7

Section 7 of the principal Act is amended by substituting for the words "or selling or providing taxable goods in any prescribed establishment" the words "referred to in paragraph 3(a) or selling or providing taxable goods referred to in paragraph 3(b)".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/31.Amendment of section 8

31. Amendment of section 8

Section 8 of the principal Act is amended by substituting for the words "or selling or providing taxable goods in any prescribed establishment" in subsection (1) the words "referred to in paragraph 3(a) or selling or providing taxable goods referred to in paragraph 3(b)".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/32.Commencement of amendments to the Stamp Act 1949

32. Commencement of amendments to the Stamp Act 1949

This Chapter shall be deemed to have come into force on 1 January 1992.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/33.Amendment of section 2

33. Amendment of section 2

Section 2 of the Stamp Act 1949, which in this Chapter is referred to as the "principal Act", is amended by deleting the definitions of "bank note", "bill of exchange", "bill of exchange payable on demand", "bill of lading" and "receipt".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/34.Deletion of section 34

34. Deletion of section 34

The principal Act is amended by deleting section 34.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/35.Amendment of section 42

35. Amendment of section 42

Section 42 of the principal Act is amended by deleting the words "bill of exchange," in subsection (1).

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/36.Amendment of section 43

36. Amendment of section 43

Section 43 of the principal Act is amended by deleting the words "bill of exchange," wherever they appear in subsections (1), (2), (3) and (5).

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/37.Amendment of section 44

37. Amendment of section 44

Section 44 of the principal Act is amended by deleting the words "bill of exchange or" wherever they appear.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/38.Amendment of section 45

38. Amendment of section 45

Section 45 of the principal Act is amended by deleting the words "bill of exchange payable on demand or at sight or on presentation, or any" and "bill or".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/39.Substitution of section 47

39. Substitution of section 47

The principal Act is amended by substituting for section 47 the following:

"Stamping of instrument after execution

47. Save where other express provision is made by this or any other Act, any unstamped or insufficiently stamped instrument not being a cheque or promissory note drawn or made within Malaysia may be stamped after execution on payment of the unpaid duty if the instrument is presented for stamping within thirty days of its execution if executed within Malaysia, or within thirty days after it has been first received in Malaysia if it has been executed out of Malaysia.".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/40.Deletion of sections 54 and 62

40. Deletion of sections 54 and 62

The principal Act is amended by deleting sections 54 and 62.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/41.Amendment of section 63

41. Amendment of section 63

Section 63 of the principal Act is amended by deleting the words "bill of exchange," in paragraph (c).

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/42.Amendment of section 65

42. Amendment of section 65

Section 65 of the principal Act is amended--

(a) in paragraph (a) , by deleting the words "any bill of exchange or"; and

(b) in paragraphs (a) and (b), by deleting the words "bill or".

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/43.Amendment of First Schedule

43. Amendment of First Schedule

The FirstSchedule to the principal Act is amended--

(a) by deleting items 17, 18 and 19;

(b) by substituting for the full stop at the end of paragraph (c) of the exemptions under item 32 a semicolon and inserting, immediately thereafter, the following new paragraph (d):

"(d) Transfer or assignment on sale of any copyright, trade mark, patent or any similar right.";

"PROTEST OF NOTE, that is to say, any declaration in writing made by a Notary Public, or other person lawfully acting as such, attesting the dishonour of a promissory note"; and

(d) by deleting item 64.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/44.Amendment of Second Schedule

44. Amendment of Second Schedule

The SecondSchedule to the principal Act is amended--

(a) by deleting items 2 and 3;

(b) by substituting for the word "BILL" in item 15 the word "NOTE"; and

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/45.Commencement of this Chapter

45. Commencement of this Chapter

This Chapter shall be deemed to have come into force on 1 November 1991.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/46.Repeal of the Estate Duty Enactment 1941, etc., and saving

46. Repeal of the Estate Duty Enactment 1941, etc., and saving

(1) Subject to subsection (2), the Estate Duty Enactment 1941, the Estate Duty Ordinance of Sabah, the Estate Duty Ordinance of Sarawak, the Finance (Estate Duty) Act 1965, the Finance (Estate Duty) Act 1971, the Finance (Estate Duty) Act 1979 and the Finance (Estate Duty) Act 1980 are repealed.

(2) The repeal of the laws mentioned in subsection (1) shall not affect the operation of such laws in regard to any person dying before the coming into force of the repeal of such laws as if the repeal had not been made.

Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1992 Act 476/FINANCE ACT 1992 ACT 476,,/LIST OF AMENDMENT