LAWS OF MALAYSIA
REPRINT
Act 132
INCOME TAX (TIN BUFFER
STOCK CONTRIBUTIONS AND
REPAYMENTS) ACT 1974
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
Laws of Malaysia
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ACT 132
INCOME TAX (TIN BUFFER STOCK
CONTRIBUTIONS REPAYMENTS)
ACT 1974
Date of Royal Assent
..................
5 June 1974
Date of publication in the Gazette ... ... ...
13 June 1974
PREVIOUS REPRINTS
First Reprint
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...
...
...
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1995
Second Reprint ...
...
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2000
Income Tax (Tin Buffer Stock
3
Contributions and Repayments)
LAWS OF MALAYSIA
Act 132
INCOME TAX (TIN BUFFER STOCK
CONTRIBUTIONS AND REPAYMENTS)
ACT 1974
ARRANGEMENT OF SECTIONS
Section
1.
Short title and effect
2.
Interpretation
3.
Election as to treatment for tax purposes, of contributions
4.
Treatment for tax purposes, of contributions where there is election
5.
Treatment for tax purposes, of repayments where there is no election
6.
Remission of tax
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ACT 132
Income Tax (Tin Buffer Stock
5
Contributions and Repayments)
LAWS OF MALAYSIA
Act 132
INCOME TAX (TIN BUFFER STOCK
CONTRIBUTIONS AND REPAYMENTS)
ACT 1974
An Act to make provision for the treatment for income tax purposes
of contributions and repayments under the Tin Control (Buffer
Stock) Regulations 1972.
[14 June 1974]
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:
Short title and effect
1. (1) This Act may be cited as the Income Tax (Tin Buffer Stock
Contributions and Repayments) Act 1974.
(2) This Act shall be deemed to have had effect as from the year
of assessment 1973.
Interpretation
2. (1) In this Act, unless the context otherwise requires--
"contribution" in relation to a contributor, means a contribution
which he is required by the Tin Control (Buffer Stock) Regulations
1972 [P.U. (A) 64/1972] (in this Act referred to as the Regulations)
to pay, and includes a contribution under the Regulations borne
by him by deduction from the price paid to him, and references
to contributions paid shall be construed accordingly;
"contribution certificate" means the Buffer Stock Share Certificate
issued under regulation 24 of the Regulations;
"contributor" means a person registered as a contributor under
regulation 7 of the Regulations and includes any other person who
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ACT 132
proves to the satisfaction of the Director General that he has paid
or borne contribution under any agreement or arrangement;
"income tax" means income tax imposed by the Income Tax Act
1967 [Act 53] (in this Act referred to as the Income Tax Act);
"repayment" means a sum repaid under regulation 26 of the
Regulations.
(2) Words and expressions defined in any provision of the Income
Tax Act shall, unless the context otherwise requires, have the
defined meaning if used in this Act.
Election as to treatment for tax purposes, of contributions
3. (1) A contributor may by notice in writing to the Director
General elect that contributions paid by him in respect of tin
concentrates sold by him in the course of the carrying on of a
business of his which includes the working of a mine shall be
allowed as a deduction in ascertaining his income from that business
for income tax purposes.
(2) An election under this section shall not be valid if made
after 31 December 1974.
(3) An election under this section shall not be revocable.
Treatment for tax purposes, of contributions where there is
election
4. (1) Where a contributor (in this section referred to as the relevant
contributor) has made an election under section 3 relating to
contributions paid by him in respect of tin concentrates sold by
him in the course of the carrying on of a business (in this section
referred to as the relevant business) of his which includes the
working of a mine, the following provisions of this section shall
have effect.
(2) Where for a year of assessment (in this section referred to
as the relevant year) the relevant contributor has statutory income
Income Tax (Tin Buffer Stock
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Contributions and Repayments)
(in this subsection referred to as the relevant statutory income)
from the relevant business, ascertained under section 42 of the
Income Tax Act--
(a) if the amount of the relevant statutory income exceeds
the amount of the contributions (hereinafter in this section
referred to as the relevant contributions) paid by him in
the year preceding the relevant year in respect of tin
concentrates sold by him in the course of the carrying on
of the relevant business, the excess shall be deemed to
be the amount of his statutory income for the relevant
year from the relevant business for the purposes of section
42 of the Income Tax Act;
(b) if the amount of the relevant statutory income is equal
to the amount of the relevant contributions, he shall be
deemed not to have any statutory income for the relevant
year from the relevant business for the purposes of section
42 of the Income Tax Act;
(c) if the amount of the relevant contributions exceeds the
amount of the relevant statutory income, he shall be
deemed not to have any statutory income for the relevant
year from the relevant business for the purposes of section
42 of the Income Tax Act and the excess shall be deemed
to be an adjusted loss incurred by him in the year preceding
the relevant year in the relevant business for the purposes
of subsection 44(2) of the Income Tax Act.
(3) Where for the relevant year the relevant contributor has no
statutory income ascertained under section 42 of the Income Tax
Act from the relevant business--
(a) if there is any adjusted loss incurred by him in the year
preceding the relevant year in the relevant business, the
amount of the relevant contributions shall be added to the
amount of such adjusted loss, and the aggregate amount
shall be deemed to be the adjusted loss incurred by him
in the year preceding the relevant year in the relevant
business, for the purposes of subsection 44(2) of the
Income Tax Act;
(b) in any other case, the amount of the relevant contributions
shall be deemed to be an adjusted loss incurred by him
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in the year preceding the relevant year in the relevant
business, for the purposes of subsection 44(2) of the
Income Tax Act.
(4) Where for the relevant year the relevant contributor has
statutory income from the relevant business, ascertained under
section 42 of the Income Tax Act, the amount of repayments (in
this section referred to as the relevant repayments) made to him
in the year preceding the relevant year in respect of any contributions
paid by him in respect of tin concentrates sold by him in the course
of the carrying on of the relevant business, shall be added to the
amount of that statutory income and the aggregate amount shall
be treated as the amount of his statutory income for the relevant
year from the relevant business, for the purposes of section 42 of
the Income Tax Act.
(5) Where for the relevant year the relevant contributor has no
statutory income from the relevant business, ascertained under
section 42 of the Income Tax Act--
(a) if there is no adjusted loss incurred by him in the year
preceding the relevant year in the relevant business, the
amount of the relevant repayments shall be deemed to be
the amount of his statutory income for the relevant year
from the relevant business, for the purposes of section 42
of the Income Tax Act;
(b) if there is such an adjusted loss--
(i) where the amount of the relevant repayments
exceeds the amount of such adjusted loss, the
excess shall be deemed to be the amount of his
statutory income for the relevant year from the
relevant business, for the purposes of section 42
of the Income Tax Act;
(ii) where the amount of the relevant repayments is
equal to the amount of such adjusted loss, he shall
be deemed not to have any statutory income for
the relevant year from the relevant business, for
the purposes of section 42 of the Income Tax Act;
(iii) where the amount of such adjusted loss exceeds
the amount of the relevant repayments, the excess
shall be deemed to be the amount of the adjusted
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Contributions and Repayments)
loss incurred by him in the year preceding the
relevant year in the relevant business, for the
purposes of subsection 44(2) of the Income Tax
Act.
(6) In the event of any repayment (in this section referred to as
the late repayment) in respect of any contributions paid by the
relevant contributor in respect of tin concentrates sold by him in
the course of the carrying on of the relevant business, being made
after the relevant business has ceased to be carried on, the late
repayment shall be treated for the purposes of subsections (4) and
(5) as having been made in the year preceding the last year of
assessment for the assessment of the income from the relevant
business, and as having been of an amount equal to the actual
amount of the repayment:
Provided that--
(a) pending the determination of the amount of the late
repayment or aggregate amount of the late repayments,
the relevant contributor may be treated for the purposes
of this subsection as having received late repayments of
an aggregate amount equal to the aggregate amount of all
the contributions paid by him in respect of tin concentrates
sold by him in the course of the carrying on of the
relevant business, reduced by the amount of all repayments
made to him before the relevant business ceased to be
carried on, in respect of any contributions paid by him
in respect of tin concentrates sold by him in the course
of the carrying on of the relevant business;
(b) where the relevant contributor is treated in the manner
described in paragraph (a) of this proviso then, on the
determination of the actual amount of the late repayment
or aggregate amount of the late repayments--
(i) i f the amount of the income tax assessed in
accordance with that paragraph is less than the
amount of the income tax which ought to have
been assessed if the actual amount of the late
r e p a y m e n t or aggregate amount of the late
repayments had been determined, an additional
assessment shall be made accordingly;
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(ii) i f the amount of the income tax assessed in
accordance with that paragraph exceeds the amount
of the income tax which ought to have been assessed
if the actual amount of the late repayment or
aggregate amount of the late repayments had been
determined, the assessment shall be reduced by a
sum equal to the amount of the excess.
(7) The right to receive a repayment in respect of any contributions
paid by the relevant contributor in respect of tin concentrates sold
by him in the course of the carrying on of the relevant business,
shall not be assignable except with the consent of the Director
General.
(8) The relevant contributor shall surrender his contribution
certificates to the Director General for transmission to the Accountant
General.
Treatment for tax purposes, of repayments where there is no
election
5. Where a contributor has not made an election under section 3
relating to contributions paid by him in respect of tin concentrates
sold by him in the course of the carrying on of a business of his
which includes the working of a mine, any repayment made in
respect of those contributions shall be exempt from income tax.
Remission of tax
6. (1) Any part of the tax computed under section 4 and payable
by the contributor may be remitted by the Director General on the
grounds of justice and equity.
(2) Where a contributor granted remission under subsection (1)
has paid any of the tax to which the remission relates, he shall be
entitled to have the amount which he has paid refunded to him as
if it were an overpayment to which section 111 of the Income Tax
Act applies.
Income Tax (Tin Buffer Stock
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Contributions and Repayments)
LAWS OF MALAYSIA
Act 132
INCOME TAX (TIN BUFFER STOCK
CONTRIBUTIONS AND REPAYMENTS)
ACT 1974
LIST OF AMENDMENTS
Amending law
Short title
In force from
-NIL-
Laws of Malaysia
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ACT 132
LAWS OF MALAYSIA
Act 132
INCOME TAX (TIN BUFFER STOCK
CONTRIBUTIONS AND REPAYMENTS)
ACT 1974
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