REAL PROPERTY GAINS TAX (EXEMPTION) (NO. 6) ORDER 2000

REAL PROPERTY GAINS TAX (EXEMPTION) (NO. 6) ORDER 2000

 

 

IN exercise of the powers conferred by subsection 9(3) of the Real Property Gains Tax Act 1976 [Act 169], the Minister makes the following order:

Citation and commencement

1.  (1)     This order may be cited as the Real Property Gains Tax (Exemption) (No. 6) Order 2000.

(2)     This Order comes into operation on 1 January 2001.

Interpretation

2.  For the purpose of this Order-

"securitisation" means any arrangement approved by the Securities Commission for the funding of asset-backed debt securities;

"special purpose vehicle" means any entity including a limited liability company incorporated under the Companies Act 1965 [Act 125], which is approved by the Securities Commission for the purpose of securitisation.

Exemption

3.  The Minister exempts any person from the payment of real property gains tax in respect of chargeable gains accruing on the disposal of any chargeable assets-

(a)     to or in favour of a special purpose vehicle; or

(b)     in connection with the repurchase of the chargeable assets, to or in favour of the person from whom those assets were acquired,

for the purpose of securitisation.

Requirement to submit return, etc.

4.  Nothing in paragraph 3 shall absolve or be deemed to have absolved any person from complying with any requirement to submit any return or statement of accounts or to furnish any other information under the provisions of the Act.

 

Made 22 December 2000.

[Perb. R (8.20) 116-138 (2001) Vol. 3 (SK. 1); LHDN. 01/35/(S)/42/23/7; PN (PU2) 325/II]

CHAN KONG CHOY

Deputy Minister of Finance

[To be laid before the Dewan Rakyat pursuant to subsection 9(4) of the Real Property Gains Tax Act 1976]