Real Property Gains Tax Exemption of Real Property Gains Tax Arising from Disposal of Assets for the Purposes of Securitisation Exemption of Real Property Gains Tax Arising from Disposal of Assets Pursuant to Merger of Stockbroking Companies 1. Exemption of Real Property Gains Tax Arising from Disposal of Assets for the Purposes of Securitisation By virtue of the Real Property Gains Tax (Exemption) Order 2000, the Minister grants an exemption of real property gains tax in respect of chargeable gain derived from the disposal of any chargeable assets :- a. to or in favour of a special purpose vehicle; or b. in connection with the repurchase of the chargeable assets, to or in favour of the person from whom those assets were acquired; for the purpose of securitisation, between 30th October 1999 until 31st December 2000. The term ìsecuritisationî means any arrangement approved by the Securities Commission involving the funding or proposed funding of assets that have been or are to be provided by the holder or holders of those assets, by issuing bonds to investors and by which payments to investors in respect of the instruments or entitlements relating to such issuing of bonds are principally derived, directly or indirectly, from such assets. The term ìspecial purpose vehicleî means any company incorporated in Malaysia that has been approved by the Securities Commission for the purposes of securitisation. 2. Exemption of Real Property Gains Tax Arising from Disposal of Assets Pursuant to Merger of Stockbroking Companies Under the Real Property Gains Tax (Exemption)(No. 2) Order 2000, any chargeable gain accruing on the disposal of a chargeable asset to another member company pursuant to a merger arrangement completed between 30th October 1999 until 31st December 2000 shall be exempted from real property gains tax. The term ìmember companyî means a company which carries on a business of dealing in securities and is recognised as a member company by the stock exchange. ^ top