STAMP
DUTY (REMISSION) (NO. 2) ORDER 2004 [P.U. (A) 23]
(Gazetted
on 8 January, 2004)
IN exercise of
the powers conferred by subsection 80(2) 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 (Remission) (No. 2) Order 2004.
(2) This Order is deemed to have come into operation
on 13 September 2003.
Remission
2. The stamp
duty on any instrument of an Asset Lease Agreement for a term loan under the
principles of the Syariah executed between a customer and a financier for the
purpose of refinancing any existing term loan, is remitted to
the extent of the
duty that would be payable on the balance of the principal amount of the
existing term loan:
Provided that the existing term loan was
obtained for the purposes of a business, other than for working capital, and
the instrument for the existing term loan had been duly stamped under item 22
or 27 of the First Schedule to the
Act.
3. For the
purpose of this Order, the Asset Lease Agreement shall contain—
(a) the name of the financier from
which the existing term loan was originally obtained; and
(b) the balance of the principal
amount of the existing term loan.
Made 17 December
2003
[Perb.
CR(8.09)294/6/4-9 (SJ. 5) Vol. 3(Sk. 5); LHDN. 01/34/(S)/42/68-100-3-1(2003);
PN(PU2)159/XXIX]
On
behalf and in the name of the Minister of Finance
DR.
NG YEN YEN
Deputy
Minister of Finance II
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