Finance Act 2024 · Updated to 31 Dec 2024 · Chapter IV · Amendments to the Stamp Act 1949
27. Amendment of First Schedule
Feedback & supportThe First Schedule to the principal Act is amended—
by substituting for item 12 the following item:
Item
Description of Instrument
Proper Stamp Duty
“12
ASSIGNMENT:
By way of security or of any security
See Charge
Upon a sale or otherwise
See Conveyance
Of policy of life insurance—
by way of gift or trust, where the sum insured—
does not exceed
RM100,000.00
exceeds
RM100,000.00 but does not exceed
RM500,000.00
RM10.00
RM100.00
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Finance
Item
Description of Instrument
Proper Stamp Duty
exceeds
RM500,000.00 but does not exceed
RM1,000,000.00
exceeds
RM1,000,000.00
in any other case
RM500.00
RM1,000.00
See Conveyance”;
in subitem 22(6), by substituting for the words
“the conventional hire purchase and Syariah principles”
the words “any Syariah principles or conventional hire purchase”;
in item 29, in the column of “Proper Stamp Duty”, by substituting for the words “15 cent” the words “RM1.00”;
in subsubitem 32(e)(i), in the column of “Proper Stamp
Duty”, by inserting after the words “Duty as in (a),”
the words “(aa),”;
in item 49—
by substituting for subitem (a) and the particulars relating to it the following subitem and particulars:
Item
Description of
Instrument
Proper Stamp Duty
“(a) Without fine or premium when the average rent and other considerations calculated for a whole year—
For every RM250.00 or part thereof, when the lease is for a period—
Not exceeding one year
Exceeding one year but not exceeding three years
Exceeding three years but not exceeding five years
Exceeding five years or for any indefinite period
RM1.00
RM3.00
RM5.00
RM7.00
and
in subitem (e), by substituting for the word
“Commissioner” the word “Collector”; and
”;
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by substituting for item 59 and the particulars relating to it the following item and particulars:
Item
Description of Instrument
Proper Stamp Duty
“59
POWER OR LETTER OF ATTORNEY:
being conveyance of real property in consideration of, and creating by way of sale or gift
The same duty as a conveyance on sale
in any other case
RM10.00
Exemption
For the sole purposes of appointment or authorizing any person to vote as proxy at a meeting of a Company or Association”.