Income Tax (Exemption) (No.2) Order 2012 [P.U. (A) 167/2012]

The above Order was gazetted on 4 June 2012 and takes effect from the year of assessment 2012 until the year of assessment 2013.

This order shall apply to a person who carries on the business of -

a) transporting passengers or cargo by sea on a Malaysian ship; or

b) letting out on charter a Malaysian ship owned by him on a voyage or time charter basis.

This Order exempts the person resident in Malaysia from -

a) the provisions of Section 54A(1) and (2) of the Act; and

b) the payment of income tax in respect of statutory income derived from a source of business consisting of a Malaysian ship.

In effect, the Order deferred the operation of Section 54A(1) and (2), as amended by Section 11, Finance Act 2012 (Act 742), until year of assessment 2014.

Members may view the Order from the website of the Attorney General’s Chambers at http://www.federalgazette.agc.gov.my/outputp/pua_20120604_Perintah%20Cukai%20Pendapatan%20%28Pengecualian%29%20%28No%20%202%29%202012%20%282%29.pdf