CO129-468 - Governor Sir Stubbs - 1921 [6-8] — Page 203

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9.

Section 10, which deals with splitting, is a general appli- cation of a principle which has hitherto been applied in the

Colony, and in the United Kingdom, only to the particular case of

receipts.

10. Section 16, which relates to late stamping by special leave, gives to the Collector some powers at present possessed only by

It is thought that this will conduce

the Governor in Council.

to greater convenience and despatch, and any person aggrieved will

be able to appeal to the Governor in Council.

11.

Section 21, which deals with certificates to practise, intro-i

duces a form of taxation new to the Colony. The only precedent

known is the annual certificate required in the United Kingdom

from solicitors and notaries public.

The certificates must be

taken out before beginning to practise, i.e., in the general case, they should be taken out in December for the following year. A temporary regulation has, however, ben made allowing to persons

in practice at the commencement of the Ordinance a period of one

month from that date to take out their certificates for 1921.

12.

Section 22 introduces another entirely new duty, that on

exchange contracts. Exchange contracts which result in trans-

actions that pay bill of exchange or telegraphic transfer duty will not pay exchange contract duty. "he rate of duty is the

same as that on bills of exchange and telegraphic transfers, i.e.,

10 cents on every $500.

13. The share contract duty introduced by section 26 is new in

Hongkong. The scale in Healing 40(4) was suggested by the

Hongkong Stockbrokers Association, except that they advocatedthe

total exemption of all transactions up to $1000.

14.