REAL PROPERTY GAINS TAX (EXEMPTION) ORDER Order 2001

REAL PROPERTY GAINS TAX (EXEMPTION) ORDER Order 2001

P.U. (A) 227  [Warta No. 15 - 30 hb Julai 2001]

 

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) Order 2001.

 

(2) This Order shall be deemed to have come into operation on 1 January 2001.

 

Interpretation

 

2. For the purpose of this Order-

 

"special purpose vehicle" means any entity which issues asset-backed debt securities and which satisfies all criteria as stipulated by the Securities Commission on the offering of asset-backed debt securities;

 

"securitization transaction" means an arrangement which involves the transfer of assets or risks to a third party where such transfer is funded by the issuance of debt securities to investors and approved by the Securities Commission pursuant to section 32 of the Securities Commission Act 1993 [Act 498].

 

Exemption

 

3. (1) 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 securitization transaction.

 

(2) Nothing in subparagraph 3(1) shall absolve or be deemed to have absolved the person from complying with any requirement to submit any return or to furnish any other information under the provisions of the Act.

 

Revocation

 

4. The Real Property Gains Tax (Exemption) Order 2000 [P.U. (A) 58/2000] published in the Gazette on 24 February 2000 and the Real Property Gains Tax (Exemption) (No. 6) Order 2000 [P.U. (A) 513/2000] published in the Gazette on 31 December 2000 are revoked.

 

Made 24 July 2001.

[Perb. (8.09) 248/40/7-299 Vol. 3 (4); LHDN 01/35/(S)/42/23/7;

PN(PU2)325/II]

 

On behalf and in the name of the Minister of Finance,

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]