17 Sept 2024
PENANG DEVELOPMENT CORPORATION PEMUNGUT DUTI SETEM
- Citation
- 01(f)-28-10/2023(K) (Mahkamah Persekutuan)
- Court
- f
- Case number
- 01(f)-28-10/2023(K) (Mahkamah Persekutuan)
The Letter of Undertaking given by the State Government to the Minister of Finance did not constitute security for the loan under the Stamp Act or the Remission Order; therefore the Tawarruq loan agreement was a loan without security and qualified for remission under the Remission Order; statutory requirements under ISLCA and PDCE cannot be imported to convert a loan without security into a secured loan for stamp duty purposes.