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Remission of tax and stamp duty – Amendment
As highlighted in earlier tax alerts (see Tax Alerts No. 7/2022 and 8/2022), the Loans Guarantee (Bodies Corporate) (Remission of Tax and Stamp Duty) (No. 2) Order 2022 was gazetted to provide that any tax payable under the ITA and any stamp duty payable under the Stamp Act 1949 (SA) in relation to the following shall be remitted in full:
(a) Islamic Medium-Term Notes (IMTN) issued or to be issued by TRX City Sdn Bhd pursuant to the Sukuk Programme, in nominal values of up to RM2.9 billion, provided that the combined aggregate of the outstanding nominal value of the Sukuk Programme and the outstanding principal amount under the Syndicated Revolving Credit Islamic Facility (RC-i Facility, see (b) below) shall not exceed RM2.9 billion
(b) RC-i Facility obtained or to be obtained by TRX City Sdn Bhd with the aggregate principal amount not exceeding RM1 billion, and
(c) Guarantee given or to be given by the Government of Malaysia in relation to the Sukuk Programme and the RC-i Facility
Following the above, the Loans Guarantee (Bodies Corporate) (Remission of Tax and Stamp Duty) (No. 2) 2022 (Amendment) Order 2022 [P.U.(A) 321] was gazetted on 11 October 2022 to stipulate that the aggregate principal amount referred to in Point (b) above shall not exceed RM1.9 billion (instead of RM1 billion).
The Amendment Order came into operation on 12 October 2022.