STAMP DUTY (EXEMPTION)(NO. 40) ORDER 2002 [P.U. (A) 432]

STAMP DUTY (EXEMPTION)(NO. 40) ORDER 2002 [P.U. (A) 432]

(Gazetted on 28 October, 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. 40) Order 2002.

 

     (2)  This Order is deemed to have come into operation on 21 September, 2002.

 

Exemption

 

2.  All instruments of the Asset Sale Agreement or the Asset Purchase Agreement executed between a customer and a bank made under the principles of the Syariah law for the purpose of renewing any Islamic revolving financing facility are exempted from stamp duty if the instrument for the existing Islamic revolving financing facility had been duly stamped.

 

Made 23 October 2002

[CR (8.09)294/6/4-9 (SJ.5)Vol.3;PN(PU ² )159/XXVII]

 

On behalf and in the name of the Minister of Finance

 

CHAN KONG CHOY

Deputy Minister of Finance