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Remission of tax and stamp duty
The Loans Guarantee (Bodies Corporate) (Remission of Tax and Stamp Duty) Order 2023 [P.U.(A) 153] was gazetted on 16 May 2023. 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 Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) issued by DanaInfra Nasional Berhad pursuant to the ICP and IMTN Programme, in nominal values of up to RM2.8 billion, provided that the combined aggregate of the outstanding nominal value of the ICP and IMTN and the outstanding principal amount under the Syndicated Revolving Credit-i Facility (RC-i Facility, see (b) below) shall not exceed RM2.8 billion
(b) RC-i Facility with the aggregate principal amount not exceeding RM2 billion, subject to the combined aggregate referred to in (c) below
(c) ICP and IMTN programme which has been upsized with a nominal value from RM13 billion to a maximum aggregate value of up to RM15.8 billion, and
(d) Guarantee provided by the Government of Malaysia in relation to the ICP and IMTN Programme and the RC-i Facility
The Order came into operation on 17 May 2023.