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Remission of stamp duty on contract notes for the trading of listed shares or stocks
Effective from 1 January 2022, the stamp duty on contract notes for the trading of listed shares or stocks was increased from 0.1% to 0.15% and capped at RM1,000, instead of the previous cap of RM200 (see Special Tax Alert No. 1/2022 and Tax Alert No. 8/2022). Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim announced last month that the stamp duty rate would be reduced back to 0.1%, effective July 2023.
To legislate this, the Stamp Duty (Remission) (No. 3) Order 2023 [P.U.(A) 208] was gazetted on 12 July 2023. The Order reduces the stamp duty on contract notes for the trading of listed shares or stocks to 0.1% and caps the stamp duty at RM1,000. The Order is applicable to contract notes executed from 13 July 2023 to 12 July 2028. The Stamp Duty (Remission) Order 2022 [P.U.(A) 2022 is also revoked.