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posted 6 months ago
Recently, the High Court in CIMB Bank Bhd v Pemungut Duti Setem [2023] MLJU 1011 held that a settlement agreement entered into by the parties was not a subsidiary instrument and liable to ad valorem stamp duty under Item 22(1)(a) of First Schedule to the Stamp Act 1949 (“Stamp Act”).
The brief facts are as follows:
The High Court decided in favour of the Collect and held that, amongst others:
COMMENTS
This case probably is the first local case that discussed and examined (a) what amount to a principal instrument, (b) what would be regarded as a subsidiary instrument, and (c) the interpretation and application of Section 4(3) of the Stamp Act. Do feel free to reach out to Desmond Liew, our Tax Partner, should you have any concerns in relation to the tax treatment of your settlement agreement.
This article is intended to be informative and not intended to be nor should be relied upon as a substitute for legal or any other professional advice.
About the author
Desmond Liew Zhi Hong
Partner
Tax
Halim Hong & Quek
[email protected]
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