Malaysia legislation
Section 68
Section 68
The First Schedule to the principal Act is amended —
(a)
by deleting item 10;
(b)
in item 22—
(i)
by substituting for subitem (1) the following subitem:
“(1) Being the only or principal or primary security for any annuity (except upon the original creation thereof by way of sale or security, and except a superannuation annuity), or for any sum or sums of money at stated periods, not being interest for any sum secured by a duly stamped instrument, nor rent reserved by a lease or tack—
(a)
for a definite and certain period so that the total amount to be ultimately payable can be ascertained
The same ad valorem duty as a charge or mortgage for such total amount.
Finance 41
(b)
for the term of life or any other indefinite period—
for every RM100 and also for any fractional part of
RM100
of the annuity or sum periodically payable
RM 1.00
”; and
(ii)
in subitem (6), by inserting after the words “in accordance with the” the words “conventional hire purchase and”;
(c)
by inserting after item 29 the following item:
“29A CONSTITUTION OF A
COMPANY
RM200.00”;
(d)
in subitem 32(a), in the column Proper Stamp Duty—
(i)
in item (iii), by substituting for the words
“RM500,000.” the words “RM500,000 but not exceeding RM1,000,000;”; and
(ii)
by inserting after item (iii) the following item:
“(iv) RM4.00 on any amount in excess of RM1,000,000.”; and
(e)
by deleting item 53.