Court of Appeal rules asset purchase agreement with deemed transfer provision constitutes “conveyance on sale” subject to ad valorem duty

28 February 2024

Pemungut Duti Setem v Havi Logistics (M) Sdn Bhd [2024] 1 CLJ 79

The Court of Appeal of Malaysia in Pemungut Duti Setem v Havi Logistics (M) Sdn Bhd considered whether an asset purchase agreement which provides for title to and risk in the acquired assets to be deemed to pass to the purchaser on closing of the asset purchase agreement constitutes a “conveyance on sale” chargeable with ad valorem duty as specified under item 32 of the First Schedule to the Stamp Act 1949.

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