Following the 2013 Budget proposals, the following exemption Orders were gazetted on 3 April 2013 to exempt stamp duty and real property gains tax arising in relation to the transfer of any business asset or real property to a BT for the purpose of initial offering of the BT:
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P.U. (A)
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Citation
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Effective period
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127/2013
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1 Jan 2013 to 31 Dec 2017
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128/2013
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In both Orders above, “business trust” and “trustee-manager” (TM) have the same meaning assigned to them under the Capital Markets and Services Act 2007 [Act 671] (CMSA).
Real Property Gains Tax (Exemption) Order 2013 [P.U. (A) 128/2013]
The Minister exempts any person from payment of real property gains tax (RPGT) on the chargeable gains accruing on the disposal of any chargeable asset (including shares in a real property company) to a trustee-manager on behalf of a business trust. The disposal must be in relation to the initial offering of the business trust.
For the exemption to apply, the disposal should be to a trustee-manager on behalf of a business trust which:
(a) has been registered with or recognized by the Securities Commission pursuant to Division 3B of Part VI of the CMSA; and
(b) has been approved or authorized pursuant to Division 1A or Division 3A of Part VI of the CMSA.
The Orders may be viewed at the website of the Attorney General’s Chambers.
Stamp Duty (Exemption) (No. 7) Order 2013 [P.U. (A) 127/2013]
This Order grants exemption from stamp duty on all instruments executed by a TM on behalf of a BT in relation to the transfer of any business, asset or real property to a BT for the purpose of initial offering of the BT for the purpose of initial offering of the BT.
The business trust on behalf of which the trustee-manager is acting should be one which:
(a) has been registered with or recognized by the Securities Commission pursuant to Division 3B of Part VI of the CMSA; and
(b) has been approved or authorized pursuant to Division 1A or Division 3A of Part VI of the CMSA.
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