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Sub-Part AD – Corporate Social Responsibility
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50K. Interpretation
In this Sub-Part –
“book profit” means the profit computed in accordance with International
Financial Reporting Standards, after income tax and –
(a) as reduced by profit on disposal or revaluation of fixed assets, where any
such profit or revaluation is credited to profit and loss account; and
(b) as increased by loss on disposal or revaluation of fixed assets, where any
such loss or revaluation is debited to profit and loss account;
"company" has the same meaning as in section 2 but does not include –
(a) a company holding a Category 1 Global Business Licence under the
Financial services Act;
(b) a bank holding a banking licence under the Banking Act, in respect of its
income derived from its banking transactions with –
(i) non-residents; or
(ii) corporations holding a Global Business Licence under the
Financial Services Act;
(c) an IRS Company referred to in the Investment Promotion (Real Estate
Development Scheme) Regulations 2007; and
(d) a non-resident société, a trust or a trustee of a unit trust scheme;
“CSR” means Corporate Social Responsibility.
50L. CSR Fund
(1) Every company shall, in every year, set up a CSR Fund equivalent
to 2 per cent of its book profit derived during the preceding year to –
(a) implement an approved programme by the company;
(b) implement an approved programme under the National
Empowerment Foundation; or
(c) finance an approved NGO.
(2) A programme under subsection (1)(a) or (b) or an NGO under subsection
(1)(c) shall be deemed to be an approved programme or an approved NGO, as the case
may be, where it falls within the guidelines issued, with the approval of the Minister, by
a committee set up under subsection (3).
(3) The committee referred to in subsection (2) shall be appointed by the
Minister and shall consist of a Chairperson and not more than 6 other members
comprising of representatives from the public sector, private sector and civil society.
(4) Where, in respect of a year, the amount paid out of the CSR Fund under
subsection (1) is less than the amount provided under the Fund, the difference shall be
remitted to the Director-General at the time the company submits its return of income
under section 116.
(e) in section 76 –
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(i) in the heading, by adding, after the words “double taxation”, the words “and
for the exchange of information”;
(ii) in subsection (1)(a), by deleting the word “and” appearing at the end and
replacing it by the word “or”;
(iii) in subsection (3), by adding, after paragraph (f), the following new paragraph,
the word “and” at the end of paragraph (e) being deleted and the full stop at the
end of paragraph (f) being deleted and replaced by the words “; and” –
(g) for exchange of information in respect of any person not resident in
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(f) by inserting, after section 76, the following new section –
76A. Arrangements for assistance in the recovery of foreign tax
The Minister may enter into arrangements with the Government of a foreign
country for the purposes of providing assistance in the collection and recovery of
foreign tax in the same manner as is provided under Part XI.
(g) in section 91, by deleting the words “1 July” and replacing them by the words
“1 January”;
(h) in section 106, by repealing subsection (1) and replacing it by the following
subsection –
(1) Every individual who, in a CPS quarter, derives gross income falling
under this Sub-Part –
(a) which exceeds the CPS threshold, whether or not he has a
chargeable income for that CPS quarter; or
(b) which does not exceed the CPS threshold but he has a chargeable
income for that quarter,
CSR Fund
(36) The amount of profit that a company is required to transfer to the
CSR Fund under section 50L out of its book profit derived in the year forming
the basis for the year of assessment ending on 30 June 2010 shall be calculated
by applying the following formula –
2/100 * b/12 * n
Where –
b is the book profit derived by the company in the year forming the basis
for the year of assessment ending on 30 June 2010;
n is the number of months starting on 1 July 2009 to the end of the
accounting year of the company forming the basis for the year of
assessment ending on 31 December 2010.
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