STAMP DUTY (REMISSION) (NO.4) ORDER 1999

STAMP DUTY (REMISSION) (NO.4) ORDER 1999

 

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. 4) Order 1999.

(2)     This Order shall be deemed to have come into operation on 1 November 1998.

Interpretation

2.  For the purpose of this Order -

"authorised nominee" has the meaning assigned to it under subsection 2(1) of the Securities Industry (Central Depositories) Act 1991 [Act 453];

"foreign broker" means a person who carries on the business of a stockbroker outside Malaysia;

"local broker" means a holder of a dealer's license under subsection 12(1) of Part IV of the Securities Industry Act 1983 [Act 280].

Remission

3.  The stamp duty payable upon instruments of contract notes relating to the sale of any shares, stocks or marketable securities in companies incorporated in Malaysia or elsewhere between a local broker and an authorised nominee on behalf of a foreign broker is remitted:

Provided that the abovesaid remission applies to a stamp duty that is in excess of RM200. 00 calculated at the prescribed rate under Item 31 of the First Schedule to the Act.

Revocation

4.  The Stamp Duty (Remission) (No. 7) Order 1995 [P. U. (A) 259/95] published on 20 July 1995 is revoked.

 

Made 30 July 1999.

[Perb. R(8. 09) 248/40/7-1 Vol. 2 (sk. 3) ; LHDN. 01/34/42/68-180-2 (3/99) ; PN(PU2) 159/XXI]

 

DATO' MUSTAPA BIN MOHAMED

Second Minister of Finance