On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 06/12/2007.
26. Section 43I of the principal Act is amended —
(a)
by deleting paragraphs (b) to (j) of subsection (2) and substituting the following paragraphs:
“(b)
the allowances under section 19, 19A, 20, 21, 22 or 23 in respect of offshore 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 onshore finance leasing for that year of assessment, and any balance of the allowances shall not, subject to paragraph (c), be available as a deduction against any other income or be available for transfer under section 37C;
(c)
where the leasing company ceases to derive income from finance leasing in the basis period for any year of assessment, any balance of the allowances in respect of finance leasing after the deduction in paragraph (b) 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;
(d)
the Comptroller shall determine the manner and extent to which —
(i)
allowances under section 19, 19A, 20, 21, 22 or 23 and any expenses and donations allowable under this Act are to be deducted; and
(ii)
any loss may be deducted under section 37.”;
(b)
by deleting subsections (4) and (5);
(c)
by deleting the words “to (5)” in subsection (8)(a) and substituting the words “to (3)”;
(d)
by deleting paragraph (b) of subsection (8) and substituting the following paragraph:
“(b)
any allowance or the balance thereof in respect of finance leasing which was not deducted against the income of the leasing company for any year of assessment during which the concessionary rate prescribed by subsection (1) applies shall be available as a deduction against the income from finance leasing for the first year of assessment to which paragraph (a) applies and for any subsequent year of assessment.”; and
(e)
by deleting the definition of “finance lease” in subsection (9) and substituting the following definitions:
“ “finance lease”, “finance leasing” and “onshore finance leasing” have the same meanings as in section 10D(3);”.