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Remission of tax and stamp duty [P.U.(A) 93/2022]
The Loans Guarantee (Bodies Corporate) (Remission of Tax and Stamp Duty) Order 2022 [P.U.(A) 93] was gazetted on 1 April 2022. 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 (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
The Order came into operation on 2 April 2022.