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.


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.


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.


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,



Deputy Minister of Finance