STAMP
DUTY (REMISSION) ORDER 2004 [P.U.(A) 22]
(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) Order 2004.
(2) This Order
is deemed to have come into operation on 13 September 2003.
Interpretation
2. In this
Order—
“rescheduling” means changing the terms of
repayment;
“restructuring” means changing the form or structure
of the facility or other terms of the facility.
Remission
3. The stamp
duty on any instrument of an Asset Lease Agreement executed between a customer
and a financier made under the principles of the Syariah for the purpose of
rescheduling or restructuring any existing Islamic financing
facility is
remitted to the extent of the duty that would be payable on the balance of the
principal amount of the existing Islamic financing facility:
Provided that the instrument for the
existing Islamic financing facility had been duly stamped under item 22 or 27
of the First Schedule to the Act.
Matters to be
stated in the Agreement
4. For the
purpose of this Order, the Asset Lease Agreement referred to in paragraph 3
shall state—
(a) the name of the financier from
which the existing Islamic financing facility was originally obtained; and
(b) the balance of the principal
amount of the existing Islamic financing facility.
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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