PROPERTY - MISCELLANEOUS & ARCHIVED INFORMATION

In exercise of the powers conferred by subsection 9(3) of the Real Property Gains Tax Act 1976 [Act 169], the Minister makes the following order:

Citation and commencement

1.    (1)    This order may be cited as the Real Property Gains Tax (Exemption) (No. 2) Order 2003

       (2)    This Order comes into operation on 1 June 2003.

Exemption

2.    (1)    The Minister exempts any person from the payment of real property gains tax in respect of chargeable gains accruing on the disposal of any chargeable asset from 1 June 2003 until 31 May 2004.

       (2)    Nothing in subparagraph (1) shall absolve or is deemed to have absolved the person from complying with any requirement to submit any return or to furnish any other information under the provisions of the Act.

Made 28 May 2003

[Perb. CR(8.09)248/39/6-1 Vol. 2; LHDN. 01/35/(S)/42/32/7; PN(PU²)325/II]

In exercise of the powers conferred by subsection 80(1) of the Stamp Act 1949 [Act 378], the Minister makes the following order:

Citation and commencement

1.    (1) This order may be cited as the Stamp Duty (Exemption) (No. 6) Order 2003.

       (2) This Order comes into operation on 1 June 2003.

Interpretation

2.    In this Order, unless the context otherwise requires -

    "residential property" includes houses, condominium units, apartments and flats built as a dwelling house;

    "housing developer" means a housing developer licensed under the Housing Development (Control and Licencing) Act 1966 [Act 118];

    "statutory body"means a body incorporated under State of federal law;

    "co-operative society" means a co-operative society registered under the Co-operative Societies Act 1993 [Act 502];

    "insurance company" means an insurance company registered under the Insurance Act 1996 [Act 553].

Exemption

3.    The following instruments relating to the purchase of residential property costing not more than RM180,000 per unit from a housing developer or statutory body or co-operative society pursuant to the Sale and Purchase Agreements executed on or after 1 June 2003 but not later than 31 May 2004 are exempted from stamp duty:

(a)    all instruments of Sale and Purchase Agreement executed between the purchaser and the housing developer or statutory body or co-operative society on or after 1 June 2003 but not later than 31 May 2004;

(b)    all instruments effecting the transfer of title of the residential property from the developer or statutory body or co-operative society or the registered land owner to the purchaser named in the Sale and Purchase Agreement in paragraph (a);

(c)    all instruments in the nature of security executed between the purchaser named in the Sale and Purchase Agreement in paragraph (a) and a bank or financial institution or insurance company or co-operative society for money advances to finance the purchase of the residential property; and

(d)    all instruments in the nature of security executed between the purchaser named in the Sale and Purchase Agreement in paragraph (a) and an employer under an employee housing loan scheme for money advances to finance the purchase of the residential property.

Made 29 May 2003

[Perb. CR(8.09)248/39/7-217(SJ.1); LHDN. 01/34/42/68-180-1(12/03); PN(PU²)159XXVIII]

22D. Assignment

(1) For the avoidance of any doubt, an absolute assignment in writing, under the hand of the assignor of the housing accommodation, not purporting to be by way of charge only, of the proprietary right or interest in the housing accommodation and the legal chose in action in the sale and purchase agreement in respect of a housing accommodation, of which express notice in writing has been given to the housing developer by the assignor in the manner set out in subsection (2) shall be deemed to have been effectual in law to pass and transfer the proprietary right, interest, chose in action and all legal and other remedies for the same to the assignee, from the date of the receipt of such notice by the housing developer, and the concurrence of the housing developer shall not be required.

(2) Subject to subsection (8), every notice of assignment given to the housing developer pursuant to subsection (1) shall be delivered by the assignor or his solicitors to the housing developer at or after the completion of the sale and purchase between the assignor and the new purchaser of the housing accommodation and shall be accompanied by-

(a) duly stamped sale and purchase agreement between the assignor and the new purchaser of the housing accommodation, if any;

(b) duly executed deed of absolute assignment between the assignor and the new purchaser of the housing accommodation together, if applicable, with a letter of undertaking from the new purchaser or the new purchaser's financier, as the case may be, to deliver the duly stamped deed of absolute assignment within fourteen days after the same has been stamped;

and

(c) full payment of all sums and outgoings due to the housing developer under the sale and purchase agreement.

(3) A housing developer shall keep and maintain an up-to-date, proper and accurate register of all purchasers of the housing accommodation until separate or strata titles for all the housing accommodation in the housing development have been issued by the appropriate authority and registered in the names of all the purchasers of the housing accommodation in that housing development.

(4) The housing developer shall provide all necessary and accurate confirmation of the records in the register whenever requested by a purchaser of the housing accommodation or his solicitors or his financier or his financier's solicitors subject to a payment of a fee not exceeding fifty ringgit or such amount as may be prescribed from time to time for meeting every request for confirmation in respect of all of the following:

(a) full particulars of the housing accommodation;

(b) the postal address of the housing accommodation;

(c) the current purchaser of the housing accommodation;

(d) the current chargee or assignee of the housing accommodation;

(e) the total amount due to the developer under the sale and purchase agreement as at the date of the confirmation; and

(f) such other matter as may be prescribed from time to time.

(5) Any person who requires any consent from a housing developer to any absolute assignment or assignment by way of charge in contravention of subsection (2) shall be guilty of an offence and shall, on conviction, be liable to a fine which shall not be less than fifty thousand ringgit but which shall not exceed one hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.

(6) Any housing developer who-

(a) requires any consent to any absolute assignment in contravention of subsection (1);

(b) imposes any condition to any absolute assignment or assignment by way of charge including requiring the new purchaser to execute any additional agreement or make any other payment in contravention of this section;

(c) fails to comply with subsection (3); or

(d) fails or refuses to provide any confirmation in contravention of subsection (4) or imposes any condition or any other fee in respect of any matter arising from subsection (4), shall be guilty of an offence and shall, on conviction, be liable to a fine which shall not be less than fifty thousand ringgit but which shall not exceed one hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.

(7) For the purpose of this section, references to "new purchaser" wherever appearing shall include a purchaser's financier or any beneficiary under the estate of a deceased purchaser or an assignee under an absolute assignment whether with or without consideration.

(8) The expression "completion of the sale and purchase" in subsection (2) in relation to a deed of absolute assignment executed in favour of a purchaser's financier or any beneficiary under the estate of a deceased purchaser or an assignee under an absolute assignment whether with or without consideration not in pursuance of a sale and purchase agreement shall mean the date of that deed of absolute assignment in which case paragraph (2)(a) shall not apply.

(9) This section shall apply to any housing accommodation where separate or strata title for the housing accommodation has not been issued by the appropriate authority.

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