On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 06/12/2007.
4. Section 10D of the principal Act is amended —
(a)
by deleting paragraphs (b) to (f) of subsection (2) and substituting the following paragraphs:
“(b)
where the lessor derives income from onshore leasing or offshore leasing or both and such income is subject to tax under section 42(1) or 43 (1), the allowances under section 19, 19A, 20, 21, 22 or 23 in respect of finance leasing shall only be available as a deduction against the income from finance leasing, and any balance of the allowances shall not, subject to paragraph (d), be available as a deduction against any other income or be available for transfer under section 37C, 37D or 37F;
(c)
where the lessor is a leasing company which derives income from onshore leasing as well as from offshore leasing subject to the concessionary rate of tax under section 43I, any balance of the allowances under section 19, 19A, 20, 21, 22 or 23 in respect of onshore finance leasing in any year of assessment after deduction against the income from such leasing shall be available as a deduction against any income from offshore finance leasing for that year of assessment, and any balance of the allowances shall not, subject to paragraph (d), be available as a deduction against any other income or be available for transfer under section 37C;
(d)
where the lessor referred to in paragraph (b) or (c) ceases to derive income from finance leasing in the basis period for any year of assessment, any balance of the allowances after the deduction in paragraph (b) or (c) shall be available as a deduction against any other income for that year of assessment and for any subsequent year of assessment in accordance with section 23;
(e)
where the lessor is a leasing company which derives income from onshore leasing as well as from offshore leasing subject to the concessionary rate of tax under section 43I —
(i)
the allowances under section 19, 19A, 20, 21, 22 or 23 in respect of operating leasing shall firstly be available as a deduction against the income from such leasing, and any balance of the allowances shall be available as a deduction against any other income; and
(ii)
any losses incurred in respect of finance leasing or operating leasing shall be available as a deduction against any other income.”;
(b)
by inserting, immediately after the definition of “finance lease” in subsection (3), the following definition:
“ “finance leasing” means the leasing of any machinery or plant under any finance lease;”;
(c)
by deleting the definitions of “leasing company” and “offshore leasing” in subsection (3) and substituting the following definitions:
“ “leasing company”, “offshore finance leasing” and “offshore leasing” have the same meanings as in section 43I(9);”; and
(d)
by deleting the definition of “onshore operating leasing” in subsection (3) and substituting the following definition:
“ “operating leasing” means the leasing of any machinery or plant, other than finance leasing.”.