THURSDAY, JUNE 20, 1991
13
THE STAMPING IS USUALLY DONE BY AFFIXING TO THE CONTRACT NOTES ADHESIVE STAMPS PURCHASED FROM THE COMMISSIONER OF INLAND REVENUE WHO ACTS IN THE CAPACITY OF THE COLLECTOR OF STAMP REVENUE. THESE STAMPS MUST THEN BE IMMEDIATELY CANCELLED TO RENDER THEM INCAPABLE OF BEING RE-USED.
THE
THAT
"TO CUT DOWN ON LABOUR COSTS AND TO SAVE TIME, STOCKBROKERS HAVE BEEN SEEKING AN ALTERNATIVE STAMPING SYSTEM DOES NOT REQUIRE PHYSICALLY ATTACHING AND CANCELLING STAMPS," THE SPOKESMAN SAID.
RESPONDING TO A PROPOSAL PUT FORTH BY THE STOCK EXCHANGE TO SET UP A SYSTEM FOR THE CENTRALISED COLLECTION OF CONTRACT NOTE
DUTY, THE GOVERNMENT IS PROPOSING LEGISLATIVE AMENDMENTS UNDER THE STAMP DUTY (AMENDMENT) (NO. 3) BILL 1991.
·
"THE BILL, IF PASSED BY THE LEGISLATIVE COUNCIL, WILL ENABLE THE COLLECTOR TO ENTER INTO A COLLECTION CONTRACTUAL AGREEMENT WITH THE STOCK EXCHANGE, THE SPOKESMAN SAID.
UNDER THE AGREEMENT, THE STOCK EXCHANGE WILL BE AUTHORISED TO COLLECT CONTRACT NOTE DUTY FROM BROKERS IN RESPECT OF SPECIFIED TRANSACTIONS AND TO REMIT THOSE COLLECTIONS то THE COLLECTOR AT REGULAR INTERVALS.
THE AGREEMENT WILL ALSO SPECIFY THE EXTENT OF THE STOCK EXCHANGE'S LIABILITIES TO MAKE GOOD ANY DEFAULT IN PAYMENT OF DUTY BY BROKERS AND TO INDEMNIFY THE COLLECTOR AGAINST ANY LOSSES ARISING FROM THE OPERATION OF THE AGREEMENT.
THE CONTRACT NOTES TO WHICH THE AGREEMENT RRLATES WILL IN FUTURE BE REGARDED AS DULY STAMPED IF THEY BRAR AN IMPRINT OF THE STAMP DUTY CHARGEABLE AND AN ENDORSEMENT THAT THE IMPRINTED DUTY BEEN OR WILL BE PAID TO THE COLLECTOR THROUGH THE STOCK EXCHANGE.
HAS
"THE IMPRINT OF THE DUTY PAYABLE AND THE ENDORSEMENT MAY ONLY
BE MADE BY PERSONS AUTHORISED BY THE COLLECTOR.
"THE PROPOSED SYSTEM WILL RELIEVE BROKERS OF THE BURDEN OF AFFIXING ADHESIVE STAMPS ΤΟ CONTRACT NOTES AND CANCELLING THEM AFTERWARDS.
"THROUGH THIS, BROKERS WILL BE ABLE ΤΟ REDUCE THEIR COSTS," THE SPOKESMAN SAID.
DEALING
BE GAZETTED
THE STAMP DUTY (AMENDMENT) (NO. 3) BILL 1991 WILL TOMORROW (FRIDAY} AND IS EXPECTED TO BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JUNE 26.
/14