STAMP DUTY (EXEMPTION) (NO. 38) ORDER 2002 [P.U.(A) 382]

STAMP DUTY (EXEMPTION) (NO. 38) ORDER 2002 [P.U.(A) 382]

(Gazetted on 12 September, 2002)

 

IN exercise of the powers conferred by subsection 80(1) 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 (Exemption)(No. 38) Order 2002.

 

     (2)  This Order is deemed to have come into operation on 23 April 2002.

 

Exemption

 

2.  (1)  All instruments of the Bai Inah Sale Agreement or the Bai Inah Purchase Agreement executed between a customer and a financial institution made under the principles of the Syariah law for the purpose of the issuance of credit cards are exempted from stamp duty.

 

     (2)  For the purpose of subparagraph (1), “financial institution” means any financial institution licensed under —

 

(a)  the Banking and Financial Institutions Act 1989 [Act 372];

 

(b)  the Islamic Banking Act 1983 [Act 276];

 

(c)  development financial institutions supervised under section 2 of the Development Financial Institutions Act 2002 [Act 618];or

 

(d) any institution approved by the Central Bank of Malaysia.

 

Made 24 August 2002

[Perb.CR(8.09)248/39/7-217 Vol.3;LHDN.01/34/42/68-180-1(22/02); PN(PU²)159/XXVII]

 

On behalf and in the name of the Minister of Finance

 

CHAN KONG CHOY

Deputy Minister of Finance