Prospectus - Manulife Insurance Berhad

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chapter11 TAX ADVISER’S LETTERpage623. Taxation of the Fund (cont’d)3.1 Income Tax (cont’d)Profit from disposal of share investments, tax exempt dividends and tax exempt interest aslisted in the Appendix attached received by the Fund are not subject to income tax. The Fundmay be receiving income such as exit fee which will be subject to tax at the rate of 25%.Discount or profit received from the sale of bonds or securities issued by PengurusanDanaharta Nasional Berhad or Danaharta Urus Sendirian Berhad within and outside Malaysiais exempt from the payment of income tax.The Fund may receive dividends, profits and other income from investments outside Malaysia.Income derived from sources outside Malaysia and received in Malaysia by a resident unittrust is exempt from Malaysian income tax. However, such income may be subject to foreigntax in the country from which the income is derived.Income received by the Fund from Sukuk Ijarah, other than convertible loan stock, issued inany currency by 1Malaysia Sukuk Global Berhad and Sukuk Issue which has been issued bythe Malaysia Global Sukuk Inc is exempt from the payment of income tax.Pursuant to the Income Tax (Exemption) Order 2011, the statutory income from a businessdealing in non-ringgit sukuk by a resident person licenced under the Capital Markets andServices Act 2007 is exempted from tax provided the non-ringgit sukuk originates fromMalaysia and is issued or guaranteed by the Government of Malaysia or approved by theSecurities Commission Malaysia.The tax treatment of hedging instruments would depend on the particular hedginginstruments entered into. Generally, any gain/ loss relating to the principal portion will betreated as capital gain/ loss. Gains/ losses relating to the income portion would normally betreated as revenue gains/ losses. The gain/ loss on revaluation will only be taxed or claimedupon realisation. Any gain/ loss on foreign exchange is treated as capital gain/ loss if it arisesfrom the revaluation of the principal portion of the investment.expenses being manager’s remuneration, maintenance of register of Unitholders, shareregistration expenses, secretarial, audit and accounting fees, telephone charges, printingand stationery costs and postage, which are not allowed under the general deduction rules,qualify for a special deduction, subject to a minimum of 10% and a maximum of 25% ofsuch expenses pursuant to Section 63B of the MITA.The tax credit attached to taxable dividends received by the Fund i.e. tax deducted at sourceat the prevailing tax rate is available for set-off against tax payable by the Fund. No additionaltax will be payable by the Fund on the taxable dividends received. However, such tax or partthereof will be refundable to the Fund if the total tax so deducted at source exceeds the taxliability of the Fund by virtue of deduction of allowable expenses.With effect from the year of assessment 2008, a single-tier company income tax system hasreplaced the imputation system. The Fund is not liable to tax on any dividends paid, creditedor distributed to the Fund under the single tier tax system, where the company paying suchdividend is not entitled to deduct tax under the MITA.Prospectus in respect of the Manulife Shariah - Dana Ekuiti
chapter11 TAX ADVISER’S LETTERpage633. Taxation of the Fund (cont’d)3.2 Real Property Gains Tax (“RPGT”)gains on disposal of investments by the Fund will not be subject to income tax but wherethe investments represent shares in real property companies, such gains may be subject toRPGT under the RPGT Act, 1976. A real property company is a controlled company whichowns or acquires real properties or shares in real property companies with a market valueof not less than 75% of its total tangible assets. A controlled company is a company whichdoes not have more than 50 members and is controlled by not more than 5 persons.effective 1 st January 2012, the RPGT (Exemption) Order 2011 imposes the followingeffective RPGT rate on chargeable gains of any person arising from the disposal of realproperty and shares in a real property company:-Period from acquisition date to disposal date (years) Effective RPGT rate (%)Within 2 10Between 3-5 5After 50 (Exempt)4. Taxation of Unitholders4.1 Taxable DistributionUnitholders will be taxed on an amount equivalent to their share of the total taxableincome of the Fund to the extent such income is distributed to them. Taxable distributionscarry a tax credit in respect of the tax chargeable on that part of the Fund. Unitholderswill be subject to tax on an amount equal to the net taxable distribution plus attributableunderlying tax paid by the Fund.Income distributed to Unitholders is generally taxable as follows in Malaysia:-UnitholdersMalaysian tax residents:Prospectus in respect of the Manulife Shariah - Dana EkuitiMalaysian Tax Rates• Individual and non-corporate • Progressive tax rates rangingUnitholders (such as co-operatives, from 0% to 26%associations and societies)• Trust bodies • 25%UnitholdersMalaysian Tax Rates• Corporate Unitholdersi. A company with paid up • 20% for every firstcapital in respect of ordinaryRM500,000 ofshares of not more than RM2.5chargeable incomemillion where the paid up capitalin respect of ordinary shares of • 25% for chargeable incomeother companies within the samein excess of RM500,000group as such company is notmore than RM2.5 million (atthe beginning of the basis periodfor a year of assessment)
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Message from the CeopageIDear Value
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RESPONSIBILITY STATEMENTSAND STATEM
Page 10 and 11:
DEFINITIONpage4Shariah AdviserShari
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CORPORATE DIRECTORYpage6Manager’s
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CORPORATE DIRECTORYpage8TrusteeName
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CORPORATE DIRECTORYpage10Principal
Page 18 and 19: chapter1 KEY DATApage12THIS SECTIO
Page 20 and 21: chapter1 KEY DATApage14FEES, CHARG
Page 22 and 23: chapter1 KEY DATApage16TRANSACTION
Page 24 and 25: chapter2 RISK FACTORSpage182.1 Gen
Page 26 and 27: chapter2 RISK FACTORSpage202.2 Spe
Page 28 and 29: chapter3 DETAILED INFORMATION ON T
Page 35 and 36: chapter4 FEES, CHARGES AND EXPENSE
Page 37 and 38: chapter5 TRANSACTION INFORMATIONpa
Page 39 and 40: chapter5 TRANSACTION INFORMATIONpa
Page 41 and 42: chapter6 MANAGEMENT COMPANYpage356
Page 49 and 50: chapter7 TRUSTEEpage437.1 Backgrou
Page 52 and 53: chapter7 TRUSTEEpage467.8 Trustee
Page 54 and 55: chapter8 SHARIAH ADVISERpage488.4
Page 56 and 57: chapter9 SALIENT TERMS OF THE DEED
Page 58 and 59: chapter9 SALIENT TERMS OF THE DEEDp
Page 60 and 61: chapter9 SALIENT TERMS OF THE DEED
Page 63 and 64: chapter9 SALIENT TERMS OF THE DEEDp
Page 65 and 66: chapter10RELATED-PARTY TRANSACTIONS
Page 67: chapter11 TAX ADVISER’S LETTERpa
Page 71 and 72: chapter11 TAX ADVISER’S LETTERpa
Page 73 and 74: chapter12 ADDITIONAL INFORMATIONpa
Page 75 and 76: chapter14 DOCUMENTS AVAILABLE FOR
Page 77 and 78: DIRECTORS’ DECLARATIONpage71The f
Page 79 and 80: UTAPPMASTER APPLICATION FORMIn comp
Page 81 and 82: TERMS AND CONDITIONS OF THE MANULIF
Page 83 and 84: Prospectus in respect of the Manuli
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Prospectus - Manulife Insurance Berhad

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