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Remission of tax and stamp duty – Amendment [P.U.(A) 201/2022]
As highlighted in an earlier alert (see Tax Alert No. 1/2021), the Loans Guarantee (Bodies Corporate) (Remission of Tax and Stamp Duty) (No. 6) Order 2020 [P.U.(A) 360] was gazetted to provide that any tax payable under the Income Tax Act 1967 (ITA) and any stamp duty payable under the Stamp Act 1949 in relation to the following shall be remitted in full:
(a) Islamic Medium-Term Notes (IMTN) issued by the Federal Land Development Authority (FLDA) pursuant to the IMTN Programme (GG Sukuk Murabahah Programme) in nominal values of up to RM9.9 billion,
(b) GG Sukuk Murabahah Programme in nominal values of up to RM9.9 billion, and
(c) Guarantee provided by the Government of Malaysia relating to the GG Sukuk Murabahah Programme
Following the above, the Loans Guarantee (Bodies Corporate) (Remission of Tax and Stamp Duty) (No. 6) 2020 (Amendment) Order 2022 [P.U.(A) 201] was gazetted on 3 June 2022 to stipulate that the remission will also apply to the following:
(a) Syndicated Revolving Credit-i Facility (RC-i Facility) obtained or to be obtained by the FLDA with the aggregate outstanding principal amount not exceeding RM6 billion, and
(b) Guarantee provided by the Government of Malaysia relating to the RC-i Facility
The combined aggregate of the outstanding nominal value of the IMTN issued pursuant to the GG Sukuk Murabahah Programme and the outstanding principal amount obtained under the RC-i Facility shall not exceed RM9 billion.
The Amendment Order came into operation on 4 June 2022.