XN000022-1973-03-01 — Page 13

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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