Stamp duty exemption 2021

Stamp duty exemption 2021
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Stamp duty exemption 2021

How to save stamp duty with our Government exemption order during this pandemic?

Two exemption orders:

1. Stamp duty (Exemption) (No. 10) Order 2021 [P.U.(A) 364/2021].

Stamp duty exemption on the instrument of loan or financing agreement executed between a Small and Medium Enterprise (SME) and a financial institution

Stamp Duty (Exemption) (No. 10) Order 2021 [P.U.(A) 364/2021] was gazetted on 10 September 2021 and was deemed to have come into operation and effective on 1 January 2021.

The Order provides that the exemption shall apply to relevant instruments executed under a letter of offer issued by the Financial Institution to a SME between 01 January 2021 to 31 December 2021.

Loan or financing facility approved under Bank Negara Malaysia (BNM)’s Fund for SMEs:

(i) All Economic Sectors Facility

(ii) Small Medium Enterprises Automation and Digitalization Facility;

(iii) Agrofood Facility

*An Application must be submitted for the exemption

2. Stamp duty (Exemption) (No.11) Order 2021 – [P.U.(A) 367/2021]

Stamp duty exemption on qualifying loan restructuring and rescheduling agreements.

Stamp duty (Exemption) (No.11) Order 2021 – [P.U.(A) 367/2021] was gazetted on 15 September 2021 and was deemed to have come into operation and effective on 1 July 2021.

This new order is to extend the exemption period under Stamp Duty (Exemption)(No.2) Order 2020 [P.U.(A) 165/2020].

The Amendment Order provides that:

This exemption applies to the loan restructuring and rescheduling agreements executed on or after 01 July 20201 to 31 December 2021. (previously until 30 June 2021)

The exemption is subject to the following conditions: -

1. An application must be submitted for the exemption;

2. The existing loan and financing agreement has duly stamped under item 22 or 27 of the First Schedule to the Act;

3. Do not contain any additional value to the original amount of loan or financing agreement relating to the restructuring or rescheduling of a loan of financing;

4. Any interest or profit accrued from the restructured or rescheduled payments is not considered as an element of additional value.

Source:

i. Stamp duty exemption on the instrument of loan or financing agreement

ii. Stamp duty exemption on the instrument of loan or financing agreement executed between a Small and Medium Enterprise (SME) and a financial institution

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