DATE OF NO TITLE REFER GAZETTE SUBJECT EFFECTIVE P.U.(A) NOTIFI- DATE/PERIOD CATION

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1 GAZETTE NOTIFIS AMENDMENTS TO INCOME TAX ACT, 1967 PETROLEUM INCOME TAX ACT, 1967 REAL PROPERTY GAINS TAX ACT, 1976 PROMOTION OF INVESTMENT ACT, 1986 STAMP ACT, 1949

2 204 Gazette Notifications in 2004 (1 Jan 2004 to 31 Dec 2004) Income Tax Act, 1967 (all gazette orders) Petroleum Income Tax Act, 1967 (only general gazette orders) Real Property Gains Tax Act, 1976 (only general gazette orders) Promotion Of Investment Act, 1986 (only general gazette orders) Stamp Act, 1949 (only general gazette orders) DATE OF 1 Income Tax (Returns by Employers Return for year Employers) Order Income Tax (Deduction A qualifying resident company shall be YA2002 for Implementation of RosettaNet) Rules 2004 allowed a deduction an amount equivalent to the cost of the expenses of the kind specified in the Schedule for the purpose of implementation of RosettaNet as verified by SMIDEC. 3 Income Tax (Exemption) All sums payable to the Banks and the Order 2004 Coordinator, as rescheduled by the Second Amendment Agreement including payments to any non-resident assignee or transferee of the Banks in respect of the interest received under section 109 of the Act, are exempted. CPA Tax & Investment Review 2005

3 DATE OF Income Tax (Exemption) Revocation of the Income Tax (Exemption) YA2004 (Revocation) Order 2004 (No.48) Order Stamp Duty (Exemption) All instruments of an Asset Sales Agreement (No.2) Order 2004 or an Asset Lease Agreement for the purpose of renewing any Islamic revolving financing facility are exempted from stamp duty if it had been duly stamped. 6 Stamp Duty (Exemption) All instruments relating to purchase of (No.3) Order 2004 property for the purpose of lease back under the principles of the Syariah, or any instruments assumed to be of contractual obligations under the principal of sale and purchase agreement, are exempted from stamp duty. 7 Stamp Duty (Exemption) All instruments of transfer of real property (No.4) Order 2004 to a Real Estate Investment Trust or a Property Trust Fund approved by the Securities Commission are exempted from stamp duty. 5 Gazzette Notifications Amendments to Income Tax Act 1967

4 206 DATE OF 8 Stamp Duty (Remission) Any instrument of an Asset Lease Order 2004 Agreement for the purpose of rescheduling or restructuring any existing Islamic financing facility, are exempted from stamp duty 9 Stamp Duty (Remission) Any instrument of an Asset Lease (No.2) Order 2004 Agreement for a term loan under the principles of the Syariah for the purpose of refinancing any existing term loan, are exempted from stamp duty. 10 Stamp Duty (Exemption) Every instrument as specified in the (No.5) Order 294 Schedule, relating to the purchase of residential property from the cooperative society sold during the period1 January 2002 and 30 June 2002, are exempted from stamp duty. 11 Income Tax (Exemption) Income received by Yayasan Pahang YA2001 (No.2) Order 2004 from sources of income specified in the Schedule for the year of assessment 2001, are exempted from payment of income tax. CPA Tax & Investment Review 2005

5 DATE OF Income Tax (Exemption) Income other than dividend income, YA2002-YA2006 (No.3) Order 2004 received by Syarikat Perumahan Negara Berhad from the year of assessment 2002 until the year of assessment 2006,are exempted from the payment of income tax. 13 Income Tax (Exemption) Income except dividend income of YA2002-YA2006 (No.4) Order 2004 Perbadanan Usahawan Nasional Berhad from the year of assessment 2002 until the year of assessment 2006, are exempted from payment of income tax. 14 Double Taxation Relief (The Agreement between the Government of - Government of the Islamic Malaysia and the Government of the Islamic Republic of Iran) Order 2004 Republic of Iran for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income. 15 Double Taxation Relief (The Protocol Amending the Agreement between - Government of the Islamic the Government of Malaysia and the Republic of Iran)(Amendment) Government of the Islamic Republic of Iran Order 2004 for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income. 5 Gazzette Notifications Amendments to Income Tax Act 1967

6 208 DATE OF 16 Double Taxation Relief Agreement between the Government of - (The Government of the Malaysia and the Government of the Kingdom Kingdom of Morocco) of Morocco for the Avoidance of Double Order 2004 Taxation and the Prevention of Fiscal Evasion with respect to taxes on income. 17 Income Tax (Exemption) All sources of income other than dividend YA2004 (No.5) Order 2004 income received by Malaysian Sociological Research Institute (MSRI) for the year of assessment 2004 until the year of assessment of 2008 are exempted from payment of income tax. 18 Income Tax (Exemption) % of the income related to scientific research YA2004 (No.6) Order 2004 carried out by an individual which has been commercialised and verified by the Minister of Science, Technology and Environment for a period of five years, are exempted from payment of income tax. 19 Income Tax (Exemption) Income received by Total Solution Techonology YA1999 (No.7) Order 2004 Sdn.Bhd in the form of grants given by the Ministry of Science, Technology and Environment from 1st October 1998 until 31st December 2000, are exempted from payment of income tax. CPA Tax & Investment Review 2005

7 DATE OF Double Taxation Relief (The Protocol Amending the Agreement between - Government of the Kingdom the Government of Malaysia and the of Denmark) Order 2004 Government of the Kingdom of Denmark for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes income. 21 Double Taxation Relief (The Agreement between the Government of - Government of the Republic Malaysia and the Government of the Republic of Seychelles) Order 2004 of Seychelles for the Avoidance of Double taxation and the Prevention of Fiscal Evasion with respect to taxes on income. 22 Real Property Gains Tax Chargeable gains accruing by licensed (Exemption) Order 2004 bank and licensed finance company on the disposal of all chargeable assets pursuant to the scheme of merger (as specified in the gazette), are exempted from the payment of real property gains tax. 23 Stamp Duty (Exemption) All instruments pursuant to the scheme of (No.12) Order 2004 merger (as specified in the gazette) are exempted from stamp duty. 5 Gazzette Notifications Amendments to Income Tax Act 1967

8 210 DATE OF 24 Income Tax (Exemption) Income received by foreign artistes - (No.8) Order 2004 specified in the Schedule of the gazette order for their opera show of Butterfly Lovers 2003 at Stadium Negara, Kuala Lumpur from 11 October 2003 until 12 October 2003, are exempted from payment of income tax. 25 Income Tax (Exemption) Income received by foreign artists specified - (No.9) Order 2004 in the Schedule of gazette order for their show in Majlis Rumah Terbuka Malaysia on 21 December 2002, are exempted from payment of income tax. 26 Income Tax (Exemption) Income received by foreign artists specified - (No.10) Order 2004 in the Schedule of gazette order for the poem declamation show of Poem For The World at Dewan Merdeka, Pusat Dagangan Dunia Putra on 22 August 2003, are exempted from payment of income tax. 27 Income Tax (Exemption) Income received by foreign artists specified - (No.11) Order 2004 in the Schedule of gazette order for the Fu Zen Opera show at Arena of Stars, Genting Highlands from 22 August 2003 until 24 August 2003, are exempted from payment of income tax. CPA Tax & Investment Review 2005

9 DATE OF Income Tax (Exemption) Income received by foreign artists specified - (No.12) Order 2004 in the Schedule of gazette order for the Lady Salsa show at Genting International Showroom, Genting Highlands from 5 September 2003 until 12 October 2003, are exempted from payment of income tax. 29 Stamp Duty (Exemption) The instrument of agreement of a loan - (No.16) Order 2004 executed between Bank Simpanan Nasional & Lembaga Kumpulan Wang Simpanan Pekerja on 12 January 2004 for the purpose of funding the Micro Credit Scheme is exempted from stamp duty. 30 Income Tax (Exemption) Income except dividend income of Malaysian YA2005 (No.13) Order 2004 Timber Council from the year of assessment 2005 until the year of assessment 2009, are exempted from payment of income tax. 31 Income Tax (Deduction for A deduction shall be allowed for any YA2004 Expenditure in Employing amount of basic salary paid to his Unemployed Graduates) employee for employment of unemployed Rules 2004 graduates from the year assessment 2004 until the year of assessment 2005, subject to subrule (2) in the specified gazette. 5 Gazzette Notifications Amendments to Income Tax Act 1967

10 212 DATE OF 32 Income Tax (Exemption) Income received by Malaysian-German YA2003 (No.14) Order 2004 Chamber of Commerce & Industry derived from the allocation given by German Government in the form of subsidies from the year of assessment 2003, are exempted from payment of income tax. 33 Income Tax (Exemption) Income received by Carotino Sdn.Bhd YA2001 (No.15) Order 2004 in the form of grants given by the Federal Government pursuant to the Industry Research and Development Grant Scheme Agreement dated 3 April 2001, are exempted from payment of income tax. 34 Income Tax (Exemption) Income received by Perbadanan Putrajaya YA1996 -YA2000 (No.16) Order 2004 from the year of assessment 1996 until (current year) the year of assessment of 2000 (current year), are exempted from payment of income tax. 35 Income Tax (Exemption) All income of Lembaga Tabung Haji YA2007 (No.17) Order 2004 from year or assessment 2007 until the year of assessment 2011, are exempted from payment of income tax. CPA Tax & Investment Review 2005

11 DATE OF Stamp Duty (Exemption) Amendments to the Stamp Duty - (Amendment) Order 2004 (Exemption)(No.8) Order 2000 [P.U. (A) 63/2000] in relation to a scheme of Al-Ijarah Term Financing Facility. 37 Income Tax (Exemption) Income received by non-resident specified - (No.18) Order 2004 in the Schedule of gazette order for the Saturday Night Fever show at Istana Budaya, Kuala Lumpur from 7 May 2994 until 30 May 2004, are exempted from payment of income tax. 38 Income Tax (Exemption) Income received by foreign artistes specified - (No.19) Order 2004 in the Schedule of gazette order for the The Disney on Ice Beauty & The Beast show at PISA Complex, Penang from 22 November 2003 until 23 December 2003 and at Stadium Putra, Bukit Jalil, Kuala Lumpur from 28 November 2003 until 7 December 2003, are exempted from payment income tax. 39 Income Tax (Exemption) Income received by Ithnaini Taib holder - (No.20) Order 2004 of passport number for the Kuala Lumpur Fashion Extravaganza Batik Mistique performance on 20 August 2003, are exempted from payment of income tax. 5 Gazzette Notifications Amendments to Income Tax Act 1967

12 214 DATE OF 40 Petroleum (Income Tax) Initial and Annual allowance in respect YA1996 (Qualifying Plant Allowances) of qualifying plant expenditure incurred (Environmental Protection on the provision of equipment and Equipment and Facilities) facilities on environmental protection Rules used for the purpose of petroleum operation as specified in the Schedule. 41 Income Tax (Exemption) % of the gross income received by a non- YA2002 (No.21) Order 2004 citizen individual from exercising an employment in Labuan in a managerial capacity in a trust company from the year of assessment 2002 until the year of assessment 2005, is exempted from payment of income tax. 42 Income Tax (Exemption) % of the gross housing and Labuan YA2002 (No.22) Order 2004 Territory allowances received by a citizen from exercising an employment in Labuan with the Federal or State Government, a statutory body or an offshore company from the year of assessment 2002 until the year of assessment 2005 are exempted from payment of income tax. CPA Tax & Investment Review 2005

13 DATE OF Promotion of Investments 96/ Schedule of Promotion of Investments (Promoted Activities and (Promoted Activities and Promoted Promoted Products for Products for Small Scale Companies) Small Scale Companies) Order 1998 [P.U. (A) 81/1998] has been (Amendment) Order 2005 amended to include the following new products under the heading of Assembly and manufacture of electrical and electronic products and components and parts thereof :- - Telecommunication equipment, computer/computer peripherals and industrial electronic equipment. - Electrical security equipment/devices, and components and parts thereof. 5 Gazzette Notifications Amendments to Income Tax Act 1967

14 216 DATE OF 44 Promotion of Investments 97/ First Schedule of Promotion of Investments As specified (Promoted Activities and (Promoted Activities and Promoted Products) in the Schedule Promoted Products) Order 1995 [P.U. (A) 31/1995] has been (Amendment) Order 2005 amended, whereby the notable amendments, among others, include:- - Motor vehicles and two-wheeler motorised vehicles have been included in the list of promoted products under the transport equipment industry. - Manufacturing related services have been expanded to include research and development, design and prototyping, technical or vocational training, integrated logistic services, integrated market support services and integrated central utility facilities. CPA Tax & Investment Review 2005

15 DATE OF Cocoa and cocoa product, cocoa butter replacers, cocoa butter substitutes, cocoa butter equivalent, palm mid fraction or special olein, panels, boards, tiles, blocks or similar articles of vegetable fibre, wood fibre, straw, wood shavings or wood wastes, agglomerated with cement, plaster or with other mineral binding substance are now available to all companies and not only restricted to companies located in the promoted areas as they were used to. These products have been removed from Second Schedule and included in the First Schedule now. The additional product that appears in the Second Schedule now is Quicklime and hydrated lime. 5 Gazzette Notifications Amendments to Income Tax Act 1967