 |
| |
|
 |
| |
Mergers that satisfy the provisions of Section 15/15A of the Stamp
Act, 1949 and Paragraph 17 Schedule 2 to the RPGT Act, 1975 are eligible for
relief from stamp duty and RPGT respectively.
In the current economic situation, mergers of financial institutions are encouraged
to promote efficiency in the face of competition. To reduce the cost of such mergers,
it is proposed that instruments pertaining to such mergers be exempt from stamp duty.
Likewise, exemption would be available for any RPGT arising in connection with the
merger.
These exemptions are to be granted to mergers completed between October 24, 1998
to June 30, 1999. |
| |
|
 |
| |
Currently, a notice or requisition relating to RPGT which is sent by ordinary or
registered post would be deemed to have been served on a company, partnership or
body of persons having a registered office in Malaysia on the day succeeding the
day on which the notice or requisition would have been received in the ordinary course
of post if it is addressed to that registered office. It is proposed that a notice
or requisition sent to a company, partnership or body of persons having a registered
office in Malaysia, is deemed so served on the relevant persons if it is addressed
to that registered office, its last known address or to any person authorised by
it to accept service of process.
The above proposal will be retrospective to November 7, 1975 the date the RPGT Act
came into force. |
| |
|
 |
| |
Presently, loan instruments are usually liable to stamp duty at RM2.50
for every RM500. Any loan agreement for the purpose of refinancing of the original
loan also attracts similar stamp duty. |
| |
|
|
|
|
