On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 31/12/2009.
19. Section 19A of the principal Act is amended —
(a)
by inserting, immediately after subsection (1A), the following subsections:
“(1B) Notwithstanding subsection (1), where a person carrying on a trade, profession or business incurs, during the basis period relating to the year of assessment 2010 or 2011, capital expenditure on the provision of machinery or plant for the purposes of that trade, profession or business, he may, in lieu of the allowances provided by subsection (1) or section 19, elect to be entitled for any 2 years of assessment to the following:
(a)
for the year of assessment relating to the basis period in which the capital expenditure was incurred or any subsequent year of assessment (referred to in this subsection as the first year), an allowance of 75% in respect of the capital expenditure incurred; and
(b)
for any year of assessment subsequent to the first year, an allowance of 25% in respect of the capital expenditure incurred.
(1C) Where a person carrying on a trade, profession or business enters into a hire-purchase agreement during the basis period relating to the year of assessment 2010 or 2011 in respect of machinery or plant provided for the purposes of that trade, profession or business, subsection (1B) shall apply to each instalment paid by that person under that hire-purchase agreement, whether the instalment is paid during or after the basis period relating to the year of assessment 2010 or 2011.
(1D) An election made by a person under subsection (1B) shall be irrevocable.”;
(b)
by inserting, immediately after the words “subsection (1)” wherever they appear in subsections (2) to (9A), (10A) and (10B), the words “or (1B)”; and
(c)
by inserting, immediately after the words “3 years” in the section heading, the words “or 2 years”.