12
Thursday, March 1, 1973
The change of rate is effective immediately, and duty on the
new rate will be payable on all contract notes which are required to be
made in connection with transactions entered into from today.
As regards contract notes which may still have to be stamped
in connection with transactions entered into before today, the old rate
of duty will apply, the Commissioner said.
Mr. Rainbow said that until now, the basic unit of contract
note duty had been 20 cents
▬▬
that amount being chargeable on every
$100 or part thereof of the price.
thereof.
The new unit of duty is $4, to be paid on every $1,000 or part
New Duty
"This means that the new duty will be slightly greater than twice
the old duty in cases where the price includes a fraction of $1,000,"
said Mr. Rainbow.
Citing an example, he said that when shares were sold for $13,240,
the buyer and seller each paid duty of $26.60. But in future each would
pay $56.
The largest part of contract note duty, he went on, was paid for
their clients by members of the four recognised stock exchanges, using
adhesive revenue stamps which they bought for the purpose from the Stamp Duty
Office.
Until yesterday, the highest available denomination of stamps was
$50. However, stamps of $100 and $200 value were made available today
and stamps of $15 have also been added to the range.
The number