This Chapter shall come into force on the 1st January memnence- 1993. Ac 1949.mp reterred fe ais n 9 op rinei sal Acr ain tis c hapie, is aeretmes, amended, in subsection (1), by substituting for paragraph
(c) the following paragraph: "(c) that the said banker, stockbroker or insurer do pay on the 1st day of January and the 1st day of July in each year to the Collector the amount due and collected thereon as duties on such unstamped cheques, contract notes or policies of insurance, and where he fails to pay the amount due on each date specified or within eight days immediately thereafter, he shall in addition to the amount due pay a
Substitution of section further amount of five hundred ringgit or ten er centum of the amount due whichever i he greater and any amount due shall be recoverable as a debt due to the Government;".
(2) A banker, stockbroker or insurer authorised under subsection (1) of section 9 of the principal Act before the 1st January 1993 shall as from that date be subiect to the conditions in that subsection as amended by subsection (1) of this section.
The principal Act is amended by substituting for section 12A the following section: "Assessment 12A. Where an instrument is chargeable with value of duty under Item 32(a) of the First Schedule, the property date for determining the market value of any transfer property being transferred, settled or gifted shall be—
(a) in the case of a settlement or gift, the date of execution of the instrument of trust or settlement or gift; or
(b) in the case of a transfer implementing a sale under a duly stamped agreement of sale and purchase, the date of execution of that agreement; or
(c) in the case of a transfer of any property granted by a statutory body, a local authority or any co-operative society registered under any laws relating to cooperative societies, the date when the final terms of transfer had been communicated to the transferee, and in the case of subsequent resale of that patuery bhy dar fooal aunsenity oy the board of the co-operative society for that resale; or i
(d) in the case of a transfer under a duly stamped sale and purchase agreement
where financial arrangements have been made in accordance with the Syariah, the date of execution of that agreement; or e) in any other case, the date of executio f the instrument of transfer.'
The First Schedule to the principal Act is amended Amendment by substituting for the provisions in the third column to schedute Item 32(a) the following provisions: "For every $100 or fractional part of $100 of the mount of the money value of the consideration o he market value of the property, whichever is th greater—
(i) $1.00 on the first $100,000;
(ii) $2.00 on any amount in excess of $100,000 but not exceeding $500,000;
(iii) $3.00 on any amount in excess of $500,000 but not exceeding $2,000,000;
(iv) $4.00 on any amount in excess of $2,000,000.".
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
