INCOME TAX ACT 1967 (ACT 53)
PART III - ASCERTAINMENT OF CHARGEABLE INCOME
Chapter 4- Adjusted income and adjusted loss




Section 34B. Special deduction for contribution to an approved research institute or payment for use of services of an approved research institute or company.

[Ins. Act 451:s.8]

(1) Subject to this section, in ascertaining the adjusted income of a person from a business for the basis period for a year of assessment, a deduction shall be made, as specified in subsection (2), from the gross income from the business for that period in respect of expenditure, not being capital expenditure, incurred by that person during that period in respect of-
[Am. Act 531:s.6]

[Ins. Act 531:s.6]

(2) The amount of deduction to be made under subsection (1) shall be twice the amount of expenditure, not being capital expenditure, referred to in that subsection:

Provided that no deduction in respect of that expenditure shall be made under this section to a person being a related company of a research and development company which has been given approval under subsection 27D(1) of the Promotion of Investments Act 1986 and whose period as prescribed under paragraph 29E(2)(b) of that Act has not ended.
[Ins. Act 531:s.6]

(3) Where any deduction in respect of expenditure referred to in subsection (1) is made under this section, no deduction in respect of that expenditure shall be made under section 33, 34 or 34A.

(4) In this section-

[Am. Act 513:s.7]
[Am. Act 513:s.7]
[Ins. Act 531:s.6]

Related reading:
[Act 513:s.7; Act 531:s.6; Act 451:s.8]


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