Addition of
new section SA.
Amendment of section 10.
5.
of paragraph (b) of the proviso to subsection (1) a fec of ten dollars shall be paid to the Land Officer therefor..
The principal Ordinance is amended by adding the following new section after section 6—
"Power of
6A. (1) Whenever duty is payable under this Collector to Ordinance in respect of a conveyance or transfer of property, the Collector may ascertain the value of such property in such manner as he thinks fit.
ascertain value of property.
(2) In this section "property" has the meaning assigned thereto in subsection (2) of section 6.".
6. Section 10 of the principal Ordinance is amended by- (a) being renumbered as subsection (1) thereof; and
(6) inserting the following new subsection-
Amendment of
7.
section 14.
"(2) The Collector may, before the commence- ment of criminal proceedings, compound an offence under this section upon payment of a penalty not exceeding ten times the amount of duty which was not paid by reason of the commission of that offence.".
Section 14 of the principal Ordinance is amended- (a) by deleting the proviso to subsection (1) and substituting
the following-
**Schedule.
Provided that where the Schedule specifies that an adhesive stamp may be used for stamping an instrument, then, in lieu of the method specified by such regulations, such an instrument may be stamped by means of an adhesive stamp or a franking machine used under and in accordance with the (Cam 131) appropriate licence issued under the Stamp Duties
Management Ordinance.";
(b) in subsection (2)–
(1) by deleting "subhead (1) of head 48" in paragraph (a) and substituting the following-
"head 18A":
(f) by deleting "and" where it occurs after the semi- colon at the end of paragraph (b):
(iii) by deleting the full stop in paragraph (c) and substituting the following-
"; and"; and
5
(iv) by inserting after paragraph (c) the following new paragraph-
"(4) postage stamps to the value of three dollars may be used as adhesive stamps for the purposes of heads 2. 9 and 38 in the Schedule."; and
(c) by deleting subsection (5).
B. The principal Ordinance is amended by adding the following new sections after section 15-
"Agreement For com- position of stamp duty on dividend
warrants.
Schedul
Agreement for cam- position of starp doty
on godown warrants, Schedule
Agreemeal for com- position of stamp duty on policies of insurance other than life insur- ABCC.
Schedule.
15A. Where the Collector is of the opinion that it is impracticable or inexpedient to require that the stamp duty chargeable under head 24 in the Schedule should be charged and paid on each separate dividend warrant issued by a corporate body, the Collector may coter into an agreement with that corporate body for the composition, in accordance with the provisions of section 15E, of the stamp duty chargeable on such dividend warrants issued by that corporate body as may be specified in the agreement.
158. Where the Collector is of the opinion that it is impracticable or inexpedient to require that the stamp duty chargeable under head 30 in the Schedule should be charged and paid on each separate godown warrant issued by any person in the course of any business carried on by him, the Collector may enter into an agreement with that person for the composi- tion, in accordance with the provisions of section 15E, of the stamp duty chargeable on such godown war- rants issued by that person in the course of that business as may be specified in the agreement.
15C. (1) Where the Collector is of the opinion that it is impracticable or inexpedient to require that the stamp duty chargeable under subhead (2) of head 42 in the Schedule should be charged and paid on each separate policy of insurance or renewal thereof issued by any person, the Collector may enter into an agreement with that person for the composi- tion, in accordance with the provisions of section [SB, of the stamp duty chargeable on such policies of insurance and renewals thereof exccuted by that person as may be specified in the agreement.
(2) This section shall not apply to policies of life insurance.
Addition of sections 15A, 158, 150, 150 and 15E.