STAMP DUTY (EXEMPTION) (NO. 2) ORDER 2003 [P.U.(A) 58]
(Gazetted on 20 February, 2003)
IN
exercise of the powers conferred by subsection 80(1) of the Stamp Act 1949 [Act
378], the Minister makes the following order:
Citation
and commencement
1.
(1) This order may be cited as the Stamp Duty (Exemption) (No. 2) Order
2003.
(2) This Order is deemed to have come
into operation on 1 July 2002.
Exemption
2.
(1) The instruments set out in the Schedule which are executed in connection
with the purchase of low cost house are exempted from stamp duty.
(2) For the purpose of subparagraph (1), “low cost house” means a
unit of house built within a Low Cost Housing project approved by a State
Government or the appropriate authority, in respect of the Federal Territory of
Kuala Lumpur, Labuan or Putrajaya and—
(a) if situated in
Peninsular Malaysia, sold at a price not exceeding RM42,000.00; or
(b) if situated in Sabah,
Sarawak or the Federal Territory of Labuan, sold at a price not exceeding
RM47,000.00.
Revocation
3.
The Stamp Duty (Exemption) (No. 39) Order 2002 [P.U. (A) 425/2002]
published in the Gazette on 24 October 2002 is revoked.
SCHEDULE
(a) All instruments of Sale and Purchase Agreement executed between
the purchaser and the developer on or after 1 July 2002.
(b) All instruments effecting the transfer of title of the property
from the developer or the registered land owner to the purchaser named in the
Sale and Purchase Agreement in paragraph (a).
(c) All instruments in the nature of security executed between the
purchaser named in the Sale and Purchase Agreement in paragraph (a) and
a bank or financial institution or employer under an employee housing loan
scheme for money advances to finance the purchase of the property.
Made
27 January 2003
[Perb.
CR(8.09) 248/39/7-90 Vol. 5; LHDN. 01/34/42/68-180-1 (28/02); PN(PU2)159/XXVII]
On behalf and in the name of the Minister of Finance
CHAN KONG CHOY
Deputy Minister of
Finance
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