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Tajuk : 107C. Estimate of tax payable and payment by instalments for companies. Tarikh Kuatkuasa : Tarikh Tamat Kuatkuasa : Kategori : Rujukan Perundangan\Akta Cukai Pendapatan 1967 - Seksyen\PART VII - COLLECTION AND RECOVERY OF TAX\PART VII - COLLECTION AND RECOVERY OF TAX\ RencanaAkta Cukai Pendapatan 1967 Pindaan Sehingga Akta 719 Tahun 2011 (Akta 53)Tarikh Keluaran:Title:Income Tax ActPart:PART VII - COLLECTION AND RECOVERY OF TAXC hapter:PART VII - COLLECTION AND RECOVERY OF TAXS ection:107C. Estimate of tax payable and payment by instalments for (1) Every company, trust body or co-operative society shall for each year of assessment furnish to theDirector General an estimate of its tax payable.

in respect of ordinary shares of more than two million and five hundred thousand ringgit at the beginning of the basis period for a year of assessment.

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Transcription of Page 1 of 9 - Hasil

1 Tajuk : 107C. Estimate of tax payable and payment by instalments for companies. Tarikh Kuatkuasa : Tarikh Tamat Kuatkuasa : Kategori : Rujukan Perundangan\Akta Cukai Pendapatan 1967 - Seksyen\PART VII - COLLECTION AND RECOVERY OF TAX\PART VII - COLLECTION AND RECOVERY OF TAX\ RencanaAkta Cukai Pendapatan 1967 Pindaan Sehingga Akta 719 Tahun 2011 (Akta 53)Tarikh Keluaran:Title:Income Tax ActPart:PART VII - COLLECTION AND RECOVERY OF TAXC hapter:PART VII - COLLECTION AND RECOVERY OF TAXS ection:107C. Estimate of tax payable and payment by instalments for (1) Every company, trust body or co-operative society shall for each year of assessment furnish to theDirector General an estimate of its tax payable.

2 (2) Except as provided in subsection (4)(a) andsubsection (4A), the estimate of tax payable for a year ofassessment shall be made in the prescribed form andfurnished to the Director General not later than thirtydays before the beginning of the basis period for thatyear of assessment. History Subsection 107C(2) is amended by Act 683 of 2007 s19(a), by inserting after the words "paragraph (4)(a)" thewords "and subsection (4A)", has effect for the year ofassessment 2008 and the subsequent years ofassessment. (3) The estimate of tax payable for a year ofassessment shall not be less than the revised estimateof tax payable for the immediately preceding year ofassessment or if no revised estimate is furnished, theestimate of tax payable for the immediately precedingyear of assessment.

3 History Subsection (3) introduced by Act A1069 of 1999s12, shall have effect for the year of assessment2002 and subsequent years of assessment. Estimate of tax payable andpayment by instalments forcompanies. Act 631 Page 1 of 9 Subsection (3) is substituted by Act 644 of 2005s22, shall have effect for the year of assessment2006 and subsequent years of assessment. Thesubsection formerly read as - "The estimate of tax payable for a year ofassessment shall not be less than the revisedestimate of tax payable for the immediatelypreceding year of assessment or if no revisedestimate is furnished, the estimate of tax payablefor the immediately preceding year ofassessment.

4 ". (4) Where a company, other than a company towhich subsection (4A) applies, trust body or co-operative society first commences operation in a year ofassessment and the basis period for that year is not lessthan six months- History Subsection 107C(4) is amended by s10(a) Act 702 of2010, by inserting after the words in a year ofassessment the words and the basis period for thatyear is not less than six months , has effect for the yearassessment 2011 and subsequent years of assessment. (a) the estimate of its tax payable for that year ofassessment shall be made in the prescribed formand delivered to the Director General within three months from the date of commencement ofoperations; and (b) subsections (2) and (3) shall apply to thecompany, other than a company to whichsubsection (4A) applies, beginning from the secondyear of assessment.

5 History Subsection 107C(4) is amended by Act 683 of 2007 s19(b), by inserting after the word "company" whereverappearing the words ", other than a company to whichsubsection (4A) applies", has effect for the year ofassessment 2008 and subsequent years of assessment. (4A) Subject to subsections (4B) and (4C), where acompany first commences operation in a year ofassessment, subsections (1), (2) and (3) shall not applyto the company- Page 2 of 9 History Subsection 107C(4A) is amended by Act 693 of 2009s32(a), by substituting for the words Where a company the words Subject to subsections (4B) and (4C), where acompany", has effect for the year of assessment 2010and subsequent years of assessment.

6 (a) for that year of assessment and the immediatefollowing year of assessment; or (b) where the company has no basis period for thatyear of assessment, for the immediate twofollowing years of assessment: Provided that at the beginning of the basis periodfor the years of assessment referred to in paragraph (a)or for the two following years of assessment referred to in paragraph (b), the paid-up capital of that company inrespect of ordinary shares is two million five hundredthousand ringgit and less. History Subsection 107C(4A) is inserted by Act 683 of 2007 s 19(c), has effect for the year of assessment 2008 andsubsequent years of assessment.

7 (4B) The provision of subsection (4A) shall notapply to a company referred to in that subsection if morethan (a) fifty per cent of the paid up capital in respect ofordinary shares of the company is directly orindirectly owned by a related company; (b) fifty per cent of the paid up capital in respect ofordinary shares of the related company is directlyor indirectly owned by the first mentioned company;or (c) fifty per cent of the paid up capital in respect ofordinary shares of the first mentioned companyand the related company is directly or indirectlyowned by another company. (4C) For the purpose of subsection (4B), relatedcompany means a company which has a paid up capitalPage 3 of 9in respect of ordinary shares of more than two millionand five hundred thousand ringgit at the beginning of thebasis period for a year of assessment.

8 History Subsection 107C(4B) and (4C) are inserted by Act 693of 2009 s32(b), has effect for the year of assessment2010 and subsequent years of assessment. (5) Where an estimate of tax payable for ayear of assessment has been furnished in accordancewith subsection (2), that amount shall be paid to theDirector General in equal monthly instalmentsdetermined according to the number of months in thebasis period and each instalment shall be paid by thedue date beginning from the second month of the basisperiod for the year of assessment in respect of whichthat estimate has been furnished.

9 (6) Where an estimate of tax payable for ayear of assessment has been furnished in accordancewith subsection (4)(a), that amount shall be paid to theDirector General in equal monthlyinstalmentsdetermined according to the number of months in thebasis period and each instalment shall be paid by thedue date beginning from the sixth month of the basisperiod for the year of assessment in respect of whichthat estimate has been furnished. (7) A company, trust body or co-operative society may in the sixth month "or the ninth month, or inboth months"; of the basis period for a year ofassessment furnish to the Director General a revisedestimate of its tax payable for that year in the prescribedform and - History Paragraphs (7) amended by Act 631 of 2003 s16(a), byinserting the words "or the ninth month, or in bothmonths"; with effect from year of assessement 2003 andsubsequent years of assessment.

10 Paragraphs (7) formerly read as: (7) A company, trust body or co-operative society may inthe sixth month of the basis period for a year of assessment furnish to the Director General a revisedestimate of its tax payable for that year in the prescribedform and - (a) where the revised estimate exceeds the amountPage 4 of 9of instalments which is payable in that year prior tothat revised estimate, the difference shall bepayable in the remaining instalments in equalproportion; or (b) where the amount of instalments which is payable in that year prior to that revised estimateexceeds the revised estimate, the remaininginstalments shall cease immediately.


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