REAL PROPERTY GAINS TAX (EXEMPTION) ORDER Order 2001

REAL PROPERTY GAINS TAX (EXEMPTION) ORDER Order 2001

P.U. (A) 227  [Warta No. 15 - 30 hb Julai 2001]

 

In exercise of the powers conferred by subsection 9(3) of the Real Property Gains Tax Act 1976 [Act 169], the Minister makes the following order:

 

Citation and commencement

 

1. (1) This order may be cited as the Real Property Gains Tax (Exemption) Order 2001.

 

(2) This Order shall be deemed to have come into operation on 1 January 2001.

 

Interpretation

 

2. For the purpose of this Order-

 

"special purpose vehicle" means any entity which issues asset-backed debt securities and which satisfies all criteria as stipulated by the Securities Commission on the offering of asset-backed debt securities;

 

"securitization transaction" means an arrangement which involves the transfer of assets or risks to a third party where such transfer is funded by the issuance of debt securities to investors and approved by the Securities Commission pursuant to section 32 of the Securities Commission Act 1993 [Act 498].

 

Exemption

 

3. (1) The Minister exempts any person from the payment of real property gains tax in respect of chargeable gains accruing on the disposal of any chargeable assets-

 

(a) to or in favour of a special purpose vehicle; or

(b) in connection with the repurchase of the chargeable assets, to or in favour of the person from whom those  assets were acquired,

 

for the purpose of securitization transaction.

 

(2) Nothing in subparagraph 3(1) shall absolve or be deemed to have absolved the person from complying with any requirement to submit any return or to furnish any other information under the provisions of the Act.

 

Revocation

 

4. The Real Property Gains Tax (Exemption) Order 2000 [P.U. (A) 58/2000] published in the Gazette on 24 February 2000 and the Real Property Gains Tax (Exemption) (No. 6) Order 2000 [P.U. (A) 513/2000] published in the Gazette on 31 December 2000 are revoked.

 

Made 24 July 2001.

[Perb. (8.09) 248/40/7-299 Vol. 3 (4); LHDN 01/35/(S)/42/23/7;

PN(PU2)325/II]

 

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

CHAN KONG CHOY

Deputy Minister of Finance

[To be laid before the Dewan Rakyat pursuant to subsection 9(4) of the Real Property Gains Tax Act 1976]

REAL PROPERTY GAINS TAX (EXEMPTION) (NO. 6) ORDER 2000

REAL PROPERTY GAINS TAX (EXEMPTION) (NO. 6) ORDER 2000

 

 

IN exercise of the powers conferred by subsection 9(3) of the Real Property Gains Tax Act 1976 [Act 169], the Minister makes the following order:

Citation and commencement

1.  (1)     This order may be cited as the Real Property Gains Tax (Exemption) (No. 6) Order 2000.

(2)     This Order comes into operation on 1 January 2001.

Interpretation

2.  For the purpose of this Order-

"securitisation" means any arrangement approved by the Securities Commission for the funding of asset-backed debt securities;

"special purpose vehicle" means any entity including a limited liability company incorporated under the Companies Act 1965 [Act 125], which is approved by the Securities Commission for the purpose of securitisation.

Exemption

3.  The Minister exempts any person from the payment of real property gains tax in respect of chargeable gains accruing on the disposal of any chargeable assets-

(a)     to or in favour of a special purpose vehicle; or

(b)     in connection with the repurchase of the chargeable assets, to or in favour of the person from whom those assets were acquired,

for the purpose of securitisation.

Requirement to submit return, etc.

4.  Nothing in paragraph 3 shall absolve or be deemed to have absolved any person from complying with any requirement to submit any return or statement of accounts or to furnish any other information under the provisions of the Act.

 

Made 22 December 2000.

[Perb. R (8.20) 116-138 (2001) Vol. 3 (SK. 1); LHDN. 01/35/(S)/42/23/7; PN (PU2) 325/II]

CHAN KONG CHOY

Deputy Minister of Finance

[To be laid before the Dewan Rakyat pursuant to subsection 9(4) of the Real Property Gains Tax Act 1976]

REAL PROPERTY GAINS TAX (EXEMPTION) (NO. 2) ORDER 2009

IN exercise of the powers conferred by subsection 9(3) of the Real Property Gains Tax Act 1976 [Act 169], the Minister makes the following order:

Citation and commencement

1. (1) This order may be cited as Real Property Gains Tax (Exemption) (No. 2) Order 2009.

(2) This Order comes into operation on 1 January 2010.

Exemption

2. (1) The Minister exempts any person from the application of Schedule 5 of the Act on the payment of tax on the chargeable gain in respect of any disposal of a chargeable asset on or after 1 January 2010 where the disposal is made after five years from the date of the acquisition of such chargeable asset.

(2) Where the disposal of a chargeable asset is made within five years from the date of the acquisition of such chargeable asset, the Minister exempts any person from the application of Schedule 5 of the Act on the payment of tax on the chargeable gain in respect of the disposal of such chargeable asset on or after 1 January 2010 on the condition that the amount of chargeable gain shall be determined in accordance with the following formula:

A/B X C

where A is the amount of tax charged on the chargeable gain on the person at the appropriate tax rate reduced by the amount of tax charged on such chargeable gain at the rate of five per cent;

B is the amount of tax charged on such chargeable gain at the appropriate tax rate;

C is the amount of such chargeable gain.


(3) Nothing in this paragraph shall absolve or is deemed to have absolved the person exempted from complying with any requirement to submit any return or to furnish other information under any provision of the Act.

Revocation

3. The Real Property Gains Tax (Exemption) (No. 2) Order 2007 [P.U. (A) 146/2007] and the Real Property Gains Tax (Exemption) Order 2009 [P.U. (A) 376/2009] published on 1 April 2007 and 27 October 2009 respectively are revoked.


Made 30 December 2009

[Perb.CR(8.09)294/6/4-9(SJ. 9)(2010)(SK. 4); LHDN.01/35/(S)/42/51/231-17.11;
PN(PU2)325/III]

SENATOR DATO’ RAJA NONG CHIK BIN DATO’ RAJA ZAINAL ABIDIN

Minister of Federal Territories and Urban Wellbeing
exercising the functions of the Minister of Finance

[To be laid before the Dewan Rakyat pursuant to subsection 9(4) of the
Real Property Gains Tax Act 1976]

Real Property Gains Tax (Exemption) Order 2009

Real Property Gains Tax (Exemption) Order 2009

In exercise of the powers conferred by subsection 9(3) of the Real Property Gains Tax Act 1976 [Act 169], the Minister makes the following order:

Citation and commencement

1. (1) This order may be cited as Real Property Gains Tax (Exemption) Order 2009.

(2) This Order comes into operation on 1 January 2010.

Exemption

2. (1) The Minister exempts any person from the application of Schedule 5 of the Act on the payment of tax on the chargeable gain in respect of any disposal of asset on or after 1 January 2010 subject to the condition that the amount of chargeable gain shall be determined in accordance with the following formula:

A/B x C

where

A is the amount of tax charged on the chargeable gain on the person at the appropriate tax rate reduced by the amount of tax charged on such chargeable gain at the rate of five per cent
B is the amount of tax charged on such chargeable gain at the appropriate tax rate
C is the amount of such chargeable gain

(2) Nothing in subparagraph (1) shall absolve or is deemed to have absolved the person from complying with any requirement to submit any return or to furnish other information under any provision of the Act.

Revocation

3. The Real Property Gains Tax (Exemption) (No. 2) Order 2007 [P.U. (A) 146/2007] published on 1 April 2007 is revoked .


Made 26 October 2009
[Perb. CR (8.09)294/6/4-9(SJ. 9) (2010); LHDN.01/35/(S)/42/51/231-17.11; PN(PU2)325/III]

Dato’ Seri Haji Ahmad Husni bin Mohamad Hanadzlah
Second Minister of Finance

[To be laid before the Dewan Rakyat pursuant to subsection 9(4) of the Real Property Gains Tax Act 1976]