STAMP DUTY (REMISSION) ORDER 2004 [P.U.(A) 22]


STAMP DUTY (REMISSION) ORDER 2004 [P.U.(A) 22]

(Gazetted on 8 January, 2004)

 

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 2004.

 

(2) This Order is deemed to have come into operation on 13 September 2003.

 

Interpretation

 

2. In this Order—

 

“rescheduling” means changing the terms of repayment;

 

“restructuring” means changing the form or structure of the facility or other terms of the facility.

 

Remission

 

3. The stamp duty on any instrument of an Asset Lease Agreement executed between a customer and a financier made under the principles of the Syariah for the purpose of rescheduling or restructuring any existing Islamic financing

facility is remitted to the extent of the duty that would be payable on the balance of the principal amount of the existing Islamic financing facility:

 

      Provided that the instrument for the existing Islamic financing facility had been duly stamped under item 22 or 27 of the First Schedule to the Act.

 

Matters to be stated in the Agreement

 

4. For the purpose of this Order, the Asset Lease Agreement referred to in paragraph 3 shall state—

 

(a)   the name of the financier from which the existing Islamic financing facility was originally obtained; and

 

(b)   the balance of the principal amount of the existing Islamic financing facility.

 

Made 17 December 2003

[Perb. CR(8.09)294/6/4-9 (SJ. 5) Vol. 3(Sk. 5); LHDN. 01/34/(S)/42/68-100-3-1(2003); PN(PU2)159/XXIX]

 

On behalf and in the name of the Minister of Finance

 

                                                                                                                             DR. NG YEN YEN

            Deputy Minister of Finance II

No comments:

Post a Comment

Post a Comment