32
HONGKONG LEGISLATIVE COUNCIL
Heading No. 12:-Bill of Exchange and Promissory note:-The bill of exchange and promissory note duty in force at present is on a graduated scale. The new rate will be a uniform one of 10 cents for every $500. For large amounts this is lower than the present rate. It is also considerably lower than the rates in force in the United Kingdom and Straits Settlements. The bill of exchange duty is expressly made to apply to circular notes, letters of credit and
travellers cheques." The duty cheques is raised from 5 cents to 10 cents. A temporary regulation will be made allowing the use up to 30th June of cheques stamped before a date to be speci- fied in the regulation.
on
Heading No. 13:-Bill of Lading: The duty on bills of lading when the freight is $3 or more is raised from 20 to 30 cents. For Chinese shippers' books and other ships' receipts see Heading No. 42 below.
Heading No. 15:-Certificate to prac tise: This is dealt with in paragraph
11 above.
Heading No. 16:-Charter party:-The duty is raised from 10 cents to 25 cents for every $100 of the charter hire.
Heading No. 17:-Conveyance on sale: -The present conveyance duty is 50 cents for every $100. The pew schedule keens to this raté for all cases in which the amount or value of the consideration does not exceed $5,000, but where it exceeds that figure the new rate will be $1 for every 8100,
of
Heading No. 18:-Declaration truet: The duty on this has been raised from $10 to $20, and the heading is made to include revocations of trust also.
Hending No. 19:-Derd:-The general deed duty has been raised from $10 to $20.
Heading No. 21-Exchange:-The new duty is to be the same duty as on a con. veyance of the property of the greater value. The present duty is a fixed one of $50.
Heading No. #:-Exchange contract: This has been dealt with in paragraph 12 above.
Heading No. 28:-Foreclosure order: —— This is treated as a conveyance on sale, as in the United Kingdom.
HONGKONG LEGISLATIVE COUNCIL
Heading No. 25:-Godown warrending No. 45:-Festing order: The duty has been raised from 10 á to 90 cents.
Heading No. 86:-Lease:-This h ing practically adopts an average of United Kingdom rates, but it avoid complications of those rates.
Heading No. 50-Mortgage: The sent
and the proposed rates are follows:-
Bill
Mortgage Agreement for
mortgage
Present.
is treated as a conveyance on sale, the United Kingdom.
ading No. 46:-Voluntary disposi
inter vivos:-This is treated as a yance on sale, as in the United dom
A table is added of the
correk-
ence between the clauses of the bill the provisions of the existing law.
Per 20 crab ATIONS UNDER THE STAMP ORDINANCE
Per $100.
10 cents.
10
"
20
J
20
11
5
20
27
|
of
20
11
10
"
20
Collateral security. 5 Extension of time.. Transfer mortgage Re-assignment Certificate of
satisfaction
ARA 82
Heading No. 33:—Partnership from ment: This will now include all ori ship documents, and the duty is bein raised from $5 to $20.
Heading No. 34-Policy of ance-The duty on marine policies, et than bull risks for time, has been rai to 30 cents per $1,000, and the duty fire and accident policies has be doubled,
Heading No. 35-Power of Attor The duty has been raised from $4 to $.
Heading No. 41 (1):—Transfer shares: The duty has been raised fr 10 cents to 50 cents per $100.
Heading No. 41 (2):-Late regi duty-This has been dealt with in p
graph 15 above.
Heading No. 41 (4):—Share manok. to bearer: The duty has been rai from 30 cents to $2 per $100. Share rants to bearer escape the transfer da
following draft regulations to be made
223
33
THE ATTORNEY-GENERAL, in moving that the Bill be read a first time, said--The objects of this Bill are three: (1) to in- crease the stamp revenue; (2) to correct defects in the existing law; and (3) to provide for the collection of stamp dutier more efficiently than before and to enact certain provisions aimed at evasion. On the question of revenue, sir, I pro lency dealt with that point at the last pose to say nothing because your Excel- meeting of the Council as Colonial Sec-
retary.
On the second point-defects in the existing law-defects have been discovered from time to time in the work.
the Governor in Council under sec-ing of the existing Ordinance. They are
a4 and 22 of the Stamp Ordinanco,
were laid on the table.
se adhesive stamps to be used on bills change, circular notes, letters of attraveller's cheques, Chinese pers books and ships receipts (other bills of lading) shall be overprinted the letters "BE."
instruments relating to land in the Territories executed in pursuance the provisions of the New Territories alation Ordinance, 1910, shall be bpt from stamp duty.
TEMPORARY REGULATIONS
beques stamped before the 14th day April, 1921, with an impressed and stamp of the value of five cente be deemed to have been duly stamp signed before the 30th day of June,
ques stamped before the 14th day April. 1991, with an impressed and ed stamp of the value of five cents, igned between the 1st day of July the 31st day of December, 1921, both duly stamped if an adhesive revenue inclusive, shall be deemed to have
up of the value of five cents shall been affixed thereto before signa and shall have been effectively Belled.
Heading No. 41 (5):-Share contie note:This has been dealt with in paste graph 13 above.
Heading No. 12:—Shippers books, the This is designed to meet the actual pr tice of Chinese shippers by 'river and junk.
Heading No. 18:-Telegraphic trasą, advice: This has been dealt with paragraph 14 above.
crificates to practise during the year taken out by persons practising at Commencement of the Ordinance, shall deemed to have been duly taken out stamped if taken out and stamped hin one month after the
of this Ordinance.
commente
19
For
A
a
quite numerous, and many of them are well- known, In many cases the definitions, on which one relies for the interpretation of particular sections, are inexact, or entirely non-existent; in other cases whole headings of revenue are omitted. example, it was discovered the other day that no duty is payable under the exist ing law on vesting orders, though vesting order has exactly the same effect As a conveyance and is treated United Kingdom. conveyance under the stamp law of the Agreements for the sale of property, again, are not subject to any duty, except 31 agreement duty, In England, they are subject to the same In ad valorem duty as conveyances. many cases the agreement for the sale of property is the only document execut- ed. and the sale goes through without any duty being paid. Again, certificates of satisfaction, which are one way of clearing offs mortgage, do not pay any duty here at present, though re-assignments, another method of paying off a mortgage, do pay. Many of these defects have been discovered, and they are remedied, I think, in the present bill. No doubt the Bill contains defects, and I hope that. if it does, some at least of them will be discovered in the discussion of this Bill in Committee of the Council. We also hope that when the Bill is published in
the Gazetta the various classea of persons and bodies affected by these duties will consider it as quickly as they can, and will make any representations which they may wish to make at as early a date as possible. Any criticisms will be welcomed and will be carefully considered. But it is hoped that if they are going to be made they will be made quickly. so that the passing of the Bill will not be unduly delayed.
No comments yet.
Private notes are available after approval.