Tax Neutrality on Islamic Banking and Takaful - Chartered Tax ...

BNM/RH/GL 009-2Islamic Banking & TakafulDepartmentGuideline on <strong>Tax</strong> <strong>Neutrality</strong> forIslamic Banking and TakafulPage3 of 5(ii)(iii)(iv)State which document(s) are further and in addition to conventionaltransaction documents;State what is the applicable stamp duty for each instrument; andAlso state whether the applicant believes there is any existingexemption that the transaction or part of the transaction may qualify for,the reason for the applicant belief and state the exemption order in full.6. Provide the names, designation, telephone numbers and email addresses ofthe officers which Bank Negara Malaysia may contact for clarification orfurther information.Section II: Contents of Application for Any Other <strong>Tax</strong> Issues Affecting IslamicBanking & TakafulThe following minimum information must be included in the application:-1. Describe with sufficient details, the background to the issue, how the issuearose and how the applicant institution is affected by the issue.2. Recommend the appropriate tax treatment and provide the rationale for suchrecommendation. The applicant should clearly state whether the applicantwould like to apply for tax neutrality or tax incentive and provide strongjustification why it should be granted.3. If there are transaction documents involved, please describe them and if thetransaction is intended to have the economic effect of a conventionalfinancing transaction, please state what the conventional equivalent is.4. Provide the names, designation, telephone numbers and email addresses ofthe officers which Bank Negara Malaysia may contact for clarification orfurther information.