Finance Act 1985
Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1985 Act 315/FINANCE ACT 1985 ACT 315
Incorporating all amendments up to 1 January 2007
Date of Royal Assent ... ... ... ... ... | 22 May 1985 |
Date of publication in the Gazette ... ... ... | 30 May 1985 |
Date of coming into operation ... ... | As provided in the Act |
ACT 315
FINANCE ACT 1985
Chapter I PRELIMINARY
Chapter I PRELIMINARY
SECTION
1.Short title and commencement
2.Amendments of Acts
Chapter II AMENDMENTS TO THE INCOME TAX ACT 1967
Chapter II AMENDMENTS TO THE INCOME TAX ACT 1967
SECTION
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
Chapter III AMENDMENTS TO THE PETROLEUM (INCOME TAX) ACT 1967
SECTION
5.Commencement of amendments to the Petroleum (Income Tax) Act 1967
6.Amendment of section 18
7.Amendment of Schedule 2
An Act to amend the Income Tax Act 1967 and the Petroleum (Income Tax) Act 1967 and to provide for matters connected therewith.
[31 May 1985]
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 1985 Act 315/FINANCE ACT 1985 ACT 315,,/1.Short title and commencement
1. Short title and commencement
This Act may be cited as the Finance Act 1985 and shall have effect as provided in this Act.
Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1985 Act 315/FINANCE ACT 1985 ACT 315,,/2.Amendments of Acts
2. Amendments of Acts
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.
Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1985 Act 315/FINANCE ACT 1985 ACT 315,,/3.Commencement of amendments to the Income Tax Act 1967
3. Commencement of amendments to the Income Tax Act 1967
The provisions of this Chapter shall have effect for the year of assessment 1985 and subsequent years of assessment.
Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1985 Act 315/FINANCE ACT 1985 ACT 315,,/4.Amendment of section 45
4. Amendment of section 45
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".
Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1985 Act 315/FINANCE ACT 1985 ACT 315,,/5.Commencement of amendments to the Petroleum (Income Tax) Act 1967
5. Commencement of amendments to the Petroleum (Income Tax) Act 1967
The provisions of this Chapter shall have effect for the year of assessment 1985 and subsequent years of assessment.
Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1985 Act 315/FINANCE ACT 1985 ACT 315,,/6.Amendment of section 18
6. Amendment of section 18
Subsection 18(1) of the Petroleum (Income Tax) Act 1967 which in this Chapter isreferred to as "the principal Act", is amended--
(a) by substitutingfor the full stop at the end of paragraph (l) the sign and the word "; or"; and
(b) by insertingimmediately after paragraph (l) thefollowing new paragraph (m):
"(m) any sumpaid by way of rentals in respect of a motor vehicle (other than alorry, truck, bus, mini bus, van or station wagon licensed or permittedby the appropriate authority for commercial transportation of goodsor passengers) in excess of twenty-five thousand ringgit:
Provided that the maximum amount of deduction of rentals inrespect of such motor vehicle in the year of assessment and subsequentyears of assessment shall not in the aggregate exceed twenty-fivethousand ringgit in respect of the said motor vehicle.".
Unannotated Statutes of Malaysia - Principal Acts/FINANCE ACT 1985 Act 315/FINANCE ACT 1985 ACT 315,,/7.Amendment of Schedule 2