RUBBER INDUSTRY (ANTI-INFLATIONARY CESS) FUND BOARD, FEDERATION OF MALAYA (Addition to First Schedule of Income Tax Ordinance)

10.16 a.m.

The Financial Secretary (Mr T. M. Hart): Sir, I beg to move,

That this Assembly, pursuant to subsection (1) of section 106 of the Income Tax Ordinance (Chapter 166), resolves that the Rubber Industry (Anti-Inflationary Cess) Fund Board, Federation of Malaya, be added to the First Schedule to the said Ordinance.

This application has been received from the Rubber Industry (Anti-Inflationary Cess) Fund Board under section 13 (1) (e) of the Income Tax Ordinance. Exemption is effected by the inclusion of the name of this public body in the First Schedule to the Ordinance. The objects of the Rubber Industry (Anti-Inflationary Cess) Fund Board are, inter alia, to divide the monies of the Fund which are derived from cesses charged from rubber exported from the Federation of Malaya between the owners of estates of 100 acres and over and small-holders. The monies of the Fund are to be disbursed when the gazetted price of rubber is less than $1 per lb, for three successive weeks. The monies in the case of estates are to be paid over in four equal quarterly instalments and in respect of smallholders the monies are to be paid into Fund B established under the Rubber Industry's Replanting Fund Ordinance, 1952, Federation of Malaya. All expenses incurred in administering the Fund are chargeable to the general revenues of the Federation. The High Commissioner in Council has power under the Ordinance to make a scheme to be administered by the Board for the disposal of the monies in the Fund when he may revoke or vary any existing scheme. The Board has to prepare annually an estimate of costs, charges and expenses likely to be incurred in administering the Fund during each year commencing the 1st of January. The Malayan Board of Income Tax has considered this case and considers that the Rubber Industry (Anti-Inflationary Cess) Fund Board may properly be included in the First Schedule to the Ordinance with effect from the 1st of January, 1957 and Government accepts the recommendation of the Board.

Sir, I beg to move.

The Minister for Commerce and Industry (Mr J. M. Jumabhoy): I second the motion.

Question put, and agreed to.

Resolved,

That this Assembly, pursuant to subsection(1) of section 106 of the Income Tax Ordinance (Chapter 166), resolves that the Rubber Industry (Anti-Inflationary Cess) Fund Board, Federation of Malaya, be added to the First Schedule to the said Ordinance.