Section 36A
Initial duty
Notwithstanding section 36 but subject to section 36B, the
Collector may, on an application made by any person in respect of an instrument for the transfer of an immovable property, assess the initial duty for which the instrument is chargeable.
(2)
The application made under subsection (1) shall contain particulars or evidence deemed necessary to prove the facts affecting the liability of the instrument to duty and any valuation report, prepared by a person privately practising as a valuer, on the market value of the immovable property shall for the purposes of this section be sufficient evidence for the Collector to make an assessment on the initial duty for which the instrument is chargeable.
(3)
For the purposes of this section, a person shall—
(a)
pay a fee of ten ringgit; and
(b)
furnish in a form of a bank guarantee payable to the
Collector, as security for payment of further duty chargeable on the instrument, if any, valid for a period of not less than six months, of which the value of the bank guarantee shall be determined in accordance with the following formula:
A – B where
A is the duty chargeable on such instrument based on the value of immoveable property where the value is ascertained in accordance with the following formula:
Stamp 53
Y x 100 65
where
Y is the market value of such property as submitted by that person;
B is the amount of duty chargeable on such instrument based on the market value submitted by that person.
Advance duty
36AA. (1) Notwithstanding sections 36 and 36A, the Collector may, on an application made by any person assess the advance duty for an instrument for the transfer of an immovable property where the consideration consists wholly of money.
(2)
For the purposes of subsection (1), the Collector shall, prior to the market value of the immovable property being ascertained by a valuer employed by the Government for the purpose of subsection 36B(1A), ascertain the market value in advance for which the instrument referred to in that subsection is chargeable in accordance with the following formula:
A x 100