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(1) A Sukuk arrangement shall be exempt from stamp duty where the arrangement requires the transfer of title in an asset if—(a) at the beginning of the arrangement, the title shall be transferred from the original owner of the asset to the entity representing the interests of the Sukuk holders; and(b) during or at the end of the arrangement, the title shall be transferred back to the original owner of the asset from the entity representing the interests of the Sukuk holders.(2) An exemption under subsection (1) shall also apply if the asset is replaced during the term of the Sukuk arrangement:Provided that the conditions specified in subsection (1) (a) and (b) are satisfied.(3) An arrangement shall not be exempt from stamp duty if—(a) the title to the asset is transferred during or after the Sukuk arrangement to any party other than the original owner;(b) the arrangement is not effected for genuine commercial reasons; or(c) the arrangement forms part of arrangements whose main purpose is the evasion of a tax liability under any tax law.
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