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Remission of tax and stamp duty
The Loans Guarantee (Bodies Corporate) (Remission of Tax and Stamp Duty) (No. 3) Order 2023 [P.U.(A) 263] was gazetted on 29 August 2023. The Order provides that any tax payable under the Income Tax Act 1967 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) and Islamic Commercial Papers (ICP) issued by DanaInfra Nasional Berhad pursuant to the IMTN and ICP Programme, in nominal values of up to RM11.2 billion, provided that the combined aggregate of the outstanding nominal value of the IMTN and ICP and the outstanding principal amount under the Syndicated Islamic Revolving Credit Facility (SFF-i Facility, see (b) below) shall not exceed RM11.2 billion
b) SFF-i Facility with the aggregate principal amount not exceeding RM2 billion, subject to the combined aggregate referred to in (a) above
c) IMTN and ICP programme which has been upsized with a nominal value from RM71 billion to a maximum aggregate value of up to RM82.2 billion, and
d) Guarantee provided by the Government of Malaysia in relation to the IMTN and ICP Programme and the SFF-i Facility
The Order came into operation on 30 August 2023.