Finance Act 2012 (Act 742) Gazetted on 9 February 2012

Please be informed that the Finance Act 2012 (Act 742) was gazetted on 9 February 2012.  The Institute would like to highlight the following:

1) the amendments to Sections 80, 106 and 107D of the Income Tax Act 1967 as indicated in the Finance (No.2) Bill 2011 have been withdrawn.

2) the proposed new subsections 81(2) and 81(3) of the Income Tax Act 1967 as indicated in the Finance (No.2) Bill 2011 have been withdrawn.

3) An amendment has been made on Section 22 of the Labuan Business Activity Tax Act1990, and

4) Section 3 of the Finance Act 2012 (Act 742) – Commencement of amendments to the Income Tax Act 1967 – has not been revised to accommodate the changes made in item 1 above.

For further details, you may view the Finance Act 2012 (Act 742) at the following link http://www.federalgazette.agc.gov.my/outputaktap/20120209_742_BI_JW001761%20BI%20Act%20742%20Teks%201.pdf .