|REAL PROPERTY GAINS TAX (RPGT)
1. Disposal of Assets for the Purpose of Securitisation
The Real Property Gains Tax (Exemption) Order 2001 provides that RPGT exemption be given in respect of chargeable gains accruing on the disposal of any chargeable assets for the purpose of securitisation :-
For purposes of this Order :-
"securitisation" means an arrangement which involves the transfer of assets or risks to a third party where such transfer is funded by the issuance of debt securities to investors and approved by the SC pursuant to Section 32 of the Securities Commission Act, 1993; and
"special purpose vehicle" refers to any entity including a limited liability company incorporated under the Companies Act, 1965, which is approved by the SC for the purpose of securitisation.
The above exemption came into operation on 1st January, 2001.
2. Merger of Banking Institutions
By virtue of the Real Property Gains Tax (Exemption)(No. 5) Order 2000, exemption of RPGT is granted in respect of chargeable gains derived from the disposal of any chargeable assets pursuant to a scheme of merger of banking institutions completed between 24th October, 1998 and 31st August, 2000.
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© October 2001