Section 67
Section 15A of the principal Act is amended —
(a)
by substituting for subsection (2) the following subsection:
“(2) This section applies to any instrument with respect to which it is shown to the satisfaction of the Collector—
(a)
that the effect is to transfer a beneficial interest in property from one company with limited liability to another such company, and that the companies are associated where one is the beneficial owner of not less than ninety per cent of the issued share capital of the other, or that a third company with limited liability is the beneficial owner of not less than ninety per centum of the issued share capital of each of the aforesaid companies;
(b)
that the transfer of the property of the associated companies is to achieve greater efficiency in operation; and
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(c)
that the company referred to as the transferee company under this section is incorporated in
Malaysia.”;
(b)
in subsection (4)—
(i)
in paragraph (c)—
(A)
by inserting after the word “company” the words “within the period of three years from the date of the conveyance or transfer,”; and
(B)
by substituting for the comma at the end of paragraph (c) the words “; or”; and
(ii)
by inserting after paragraph (c) the following paragraph:
“(d) the transferee company disposes of the property that it has acquired within three years from the date of the conveyance or transfer of the property,”; dan
(c)
by inserting after subsection (4) the following subsections:
“(5) Where any claim for exemption from duty under this section has been allowed, it is subsequently found that any declaration or other evidence furnished in support of the claim is untrue, the exemption from duty shall be revoked and duty shall be chargeable, together with interest thereon at the rate of six per centum per annum, from the date on which the duty which the conveyance or transfer ought to be stamped with the proper amount of duty.
(6)
Where any claim for exemption from duty under this section has been allowed and any of the circumstances specified under subsection (4) occurs, each company which was a party to the instrument shall notify the
Collector in writing of the circumstances of the occurrence
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within thirty days from the date of the occurrence.
(7)
Where a claim is made for exemption under this section, the Collector may require the delivery to him of a statutory declaration in such form as he may direct made by an advocate and solicitor, or, in the case of Sabah and
Sarawak, an advocate, of the High Court, and of such further evidence, if any, as he deems necessary.”.