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The Loans Guarantee (Bodies Corporate) (Remission of Tax and Stamp Duty) (No. 2) Order 2020 [P.U.(A) 54] was gazetted on 12 February 2020. The Order provides that any tax payable under the ITA 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 issued by Malaysia Rail Link Sdn Bhd (i.e. Sukuk Murabahah) pursuant to the Sukuk Murabahah Programme, in nominal values of up to RM9.75 billion, provided that the combined aggregate of the outstanding nominal value of the Sukuk Murabahah and the outstanding principal amount under the Syndicated Islamic Short-Term Revolving Credit-i Facility (i.e. STRC-i Facility, see (b) below) shall not exceed RM9.5 billion;
(b) STRC-i Facility obtained or to be obtained by Malaysia Rail Link Sdn Bhd in the aggregate outstanding principal amount of up to RM3 billion (or such other increased maximum aggregate principal limit of up to RM3.6 billion, as may be approved by the financiers of the STRC-i Facility), subject to the combined aggregate referred to in (a) above; and
(c) Guarantee provided or to be provided by the Government of Malaysia in relation to the Sukuk Murabahah and the STRC-i Facility
The Order comes into operation on 13 February 2020.