STAMP DUTY (EXEMPTION) (No. 13) ORDER 2003 [P. U. (A) 255]
(Gazetted on 17 July, 2003)
IN
exercise of the powers conferred by subsection 80(1) of the Stamp Act 1949 [Act
378], the Minister makes the following order:
Citation
1.
This order may be cited as the Stamp Duty (Exemption) (No. 13) Order 2003.
Interpretation
2.
In this Order, unless the context otherwise requires—
“incorporated body” means—
(a) a company or a corporation registered or incorporated under the
Companies Act 1965 [Act 125];
(b) a statutory body or a corporation established under a Federal or
State law; and
(c) a co-operative society registered under the Co-operative Societies
Act 1993 [Act 502];
“financial institution” means—
(a) a bank, a merchant bank, a finance company or a discount house
licensed under the Banking and Financial Institutions Act 1989 [Act 372];
(b) an Islamic bank licensed under the Islamic Banking Act 1983 [Act
276]; and
(c) the Bank Simpanan Nasional incorporated under the Bank Simpanan
Nasional Act 1974 [Act 146].
Exemption
3.
Every instrument operating to—
(a) transfer, convey, assign, vest, effect or complete a disposition
of any legal or equitable right, title or interest in, to or under the
following rights (in this paragraph referred to as “those rights”) whether
under Islamic principles or otherwise:
(i) credit card receivables, charge card
receivables, credit card charges, charge card charges, finance charges,
profits, loans, debts, advances of credit, other receivables, credit or
financing facilities to finance or that are incurred or receivable,
instalments, other payments or repayments in connection with the purchase of
goods and services under credit sale or deferred payment terms or otherwise
howsoever in connection with the utilization of credit cards or charge cards;
and
(ii)
the assignments, guarantees or other
agreements or the securities or documents relating thereto,
to or in favour of—
(A) Cagamas Berhad (in this paragraph referred to
as “Cagamas”) and made pursuant to a Master Sale and Purchase Agreement or any
other agreement or arrangement entered into between Cagamas and a financial
institution or an incorporated body; or
(B) a financial institution or an incorporated body
and made pursuant to a Master Agreement or any other agreement or arrangement
entered into between such financial institution or incorporated body and the
original holder of those rights (in this paragraph referred to as the “first
transferee” and the “original holder”) for the purchase of those rights for
resale of the same to Cagamas; or
(b) transfer or retransfer,
convey or reconvey, assign or reassign, vest or revest or otherwise complete a
disposition of those rights, whether under Islamic principles or otherwise—
(i) from Cagamas to or in favour of the original
holder, the first transferee, a financial institution, a trust corporation, a
trustee, an incorporated body or the purchaser of those rights;
(ii) from the first transferee to the original
holder or the purchaser of those rights after resale of those rights by Cagamas
to the first transferee;
(iii) from the first transferee to the original
holder, a trust corporation, a trustee or the purchasers of those rights for
and on behalf of Cagamas as beneficial owner of those rights;
(iv) from the original holder, a financial
institution, or an incorporated body or any other person to Cagamas, a trust
corporation, a trustee or the purchaser of those rights for and on behalf of
Cagamas as beneficial owner or vendor or transferor of those rights; or
(v) from a trust corporation, a trustee or the
purchaser of those rights to Cagamas, the first transferee, the original holder,
or the purchaser of those rights; or
(c) assign or create a charge or
security, whether under Islamic principles, or otherwise over those rights to
or in favour of a trust corporation, a trustee or the purchaser of those
rights,
is
exempted from stamp duty which would otherwise be chargeable under the Act.
4.
The Stamp Duty (Exemption) Order 2003 [P.U. (A) 11/2003] is revoked.
Made
26 June 2003
[Perb.
(8.09)248/39/6-5(SJ.27); LHDN. 01/34/42/68-180-1(20/02); PN(PU2)159/XXIX]
On behalf and in the name of the Minister of Finance
Deputy Minister of
Finance
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