STAMP DUTY (REMISSION) ORDER 2001
IN
exercise of the powers conferred by subsection 80(2) 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 (Remission) Order 2001.
(2) This Order shall be
deemed to have come into operation on 24 October 1998.
Interpretation
2. In this Order,
"financial institution" means a bank or a finance company licensed
under the Banking and Financial Institutions Act 1989 [Act 372] or under
the Islamic Banking Act 1983 [Act 276], or Bank Kerjasama Rakyat
Malaysia Berhad, or Bank Pembangunan dan Infrastruktur Malaysia Berhad.
Remission
3. The duty on any
instrument of-
(a) a term
loan agreement executed between a borrower and a financial institution; or
(b) an asset
sale agreement for a term loan under syariah law executed between a customer
and a financial institution,
for
the purpose of refinancing any existing term loan, is remitted to the extent of
the duty that would be payable on the balance of the principal amount of the
existing term loan:
Provided
that the existing term loan was obtained for the purposes of a business, other
than for working capital, and the instrument for the existing term loan had
been duly stamped under item 22 or 27 of the First Schedule to the Act.
4. For the purpose of this
Order, the term loan agreement or the asset sale agreement shall contain-
(a) the name
of the financial institution or the Islamic financial institution from which
the existing term loan was originally obtained; and
(b) the
balance of the principal amount of the existing term loan.
Revocation
5. The Stamp Duty
(Remission) Order 1999 [P. U. (A) 21/99] published on 14 January 1999 is
revoked.
Made
10 January 2001.
[Perb.
CR(8. 09) 248/39/7-217(SK. 2) ; LHDN. 01/34/42/68-180-2(2/2000) ; PN(PU2)
159/XXIV]
On
behalf and in the name of the Minister of Finance,
CHAN KONG CHOY
Deputy Minister of Finance
