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Wednesday, June 6, 1973
MEMBERS SEEK FURTHER EXEMPTIONS FROM STAMP DUTY
The Hon. Q.W. Lee called on the government to abolish all stamp
duty on the transfer of shares and properties to approved charitable institutions.
He was speaking in the resumed debate on the Stamp (Amendment) Bill
1973 in the Legislative Council today.
Mr. Lee said he did not see any reason why exemptions should not
be granted "if they constitute gifts to exempted institutions."
Such exemptions, he said, will be "a gesture to further demonstrate
Government's welcome to charitable gifts."
The bill seeks to give effect to the proposals nade by the Financial
Secretary in his Budget Speech on February 28 this year to increase, reduce
or abolish stamp duties in respect of various documents.
Two proposals in the bill which increase the ad valorem stamp duty
on contract notes and the transfer of shares and other marketable securities
came into effect on March 1.
The Hon. R.H. Lobo, who supported Mr. Lee's views, pointed out that
in the past, the government had been greatly relieved from Bocial Welfare
expenditure through "our charity minded community."
"It is therefore my opinion that gifts to recognised charitable
institutions or non-profit making bodies dealing with welfare should be exempted
from duty on gifts," he said.
Mr. Lobo warned that "donors who give in memory of a beloved one or in
the name of charity may not be prepared to pay stamp duty over and above their
benevolence."
"The present law as it stands will serve as a deterrent and will
discourage gifts of property and securities to charity," he said,
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