STAMP DUTY (REMISSION) (NO.3) ORDER 2000

 

In exercise of the powers conferred by subsection 80(2) of the Stamp Act 1949 [Act 378], the Minister makes the following order:

Citation

1.  This order may be cited as the Stamp Duty (Remission) (No. 3) Order 2000.

Remission

2.  The duty on any instrument of asset sale agreement for a loan executed between a customer and a financier under the syariah law pursuant to the change of scheme for financing an existing loan from conventional to syariah is remitted to the extent of the duty that would be payable on the balance of the principal amount of the existing loan:

Provided that the instrument for the existing 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 sale agreement shall contain-

(a)     the name of the financial institution from which the existing loan was originally obtained; and

(b)     the balance of the principal amount of the existing loan.

Revocation

4.  The Stamp Duty (Exemption) Order 1996 [P. U. (A) 62/96] published on 15 February 1996 is revoked.

 

Made 29 July 2000.

[Perb. CR (8. 08) 248/39/7-88 Vol. 5; LHDN. 01/34/42/68-180-2(1/2000) ;

PN(PU2) 159/XXIII]

 

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

CHAN KONG CHOY

Deputy Minister of Finance