1968-HKRS28-8-35_Part02 — Page 9

Agreement

for com- position of stamp duty on receipts,

Schedule.

Provisions

as to agree. ments for

composition

of stamp duty under sections 15A, 158. 15C and 15D.

15D. Where the Collector is of the opinion that it is impracticable or inexpedient to require that the stamp duty chargeable under head 44 in the Schedule should be charged and paid on each separate receipt 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 composition, in accordance with the provisions of section 15E, of the stamp duty chargeable on such receipts issued by that person in the course of that business as may be specified in the agreement.

15E. (1) This section shall apply to any agree- ment entered into by the Collector with any corporate body or person under section 15A, 158, 1SC of 15D.

(2) Subject to the provisions of this section any such agreement shall be in such form and contain such terms as the Collector may think proper, and in particular-

(c) shall specify the class of instruments to

which the agreement relates; and

(b) shall require the person with whom the Collector bas entered into the agreement to deliver to the Collector periodical accounts giving such particulars of the instruments to which the agreement relates and otherwise as may be specified in the agreement. (3) The number of instruments to be included in any composition of stamp duty under the agree- ment shall be determined by the Collector.

(4) Whenever composition of stamp duty is to be made under the agreement the person with whom the Collector has entered into the agreement shall deliver to the Collector in advance a statement of the number of instruments in respect of which composi- tion of stamp duty is to be made and, on the delivery of such statement, shall pay to the Collector, in lieu of stamp duty and by way of composition thereof, the aggregate of such sums as would but for the provi- sions of this section be chargeable by way of stamp duty on the number of such instruments specified in the statement to be issued or executed, as the case may be, by that person under the agreement.

(5) While the agreement remains in force, any instrument to which the agreement relates, issued or

executed, as the case may be, by the person with whom the Collector bas entered into the agreement in accordance therewith which contains such indication of the payment of the appropriate stamp duty as may be required by the agreement or by the Collector and in respect of which payment by way of composition has been made under subsection (4) shall not be chargeable with stamp duty.

(6) Any instrument to which the agreement relates issued or executed, as the case may be, during the continuance thereof by the person with whom the Collector has entered into the agreement in respect of which payment by way of composition has been made under this section shall, subject to the provisions of subsections (8) and (9), be deemed to be duly stamped notwithstanding any other provision of this Ordinance relating to the affixing and cancelling of stamps or the method of denoting payment of stamp duty.

(7) Where payment by way of composition of stamp duty has been made in respect of any instru- ments under an agreement to which this section applies and the number of such instruments issued or executed, as the case may be, under the composition by the person with whom the Collector has entered into the agreement is less than the number of instru- ments in respect of which the composition was made, the Collector, on application made not later than the delivery under subsection (4) of the next statement after the day upon which the payment was made or six months after the termination of the agreement, whichever is the earlier, may, if he thinks fit, refund to that person the value of the aggregate of the stamp duty that would be payable on the number of such instruments not so issued or executed, as the case may be.

(8) Any person who fails to deliver any account in accordance with any agreement to which this sec- tion applies shall be deemed to commit an offence.

(9) Nothing in this section shall be taken to permil composition of stamp duty under any agree- ment to which this section applies in respect of any instrument issued or executed before payment by way of that composition is made under subsection (4).”.