Finance
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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
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FINANCE ACT 1985
Date of Royal Assent
... ... ... ... ...
22 May 1985
Date of publication in the Gazette ... ...
30 May 1985
PREVIOUS REPRINT
First Reprint
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...
...
...
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2001
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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
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Laws of Malaysia
ACT 315
Finance
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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].
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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,
m i n i bus, van or station wagon licensed or
p e r m i t t e d 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
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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".
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Laws of Malaysia
ACT 315
LAWS OF MALAYSIA
Act 315
FINANCE ACT 1985
LIST OF AMENDMENTS
Amending law
Short title
In force from
­NIL­
Finance
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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
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Laws of Malaysia
ACT 315