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Stamp Duties (2003 Budget Provisions) Act 2002

PAPUA NEW GUINEA


Stamp Duties (2003 Budget Provisions) Act 2002.


No. 44 of 2002.

Certified on: 16.01.03


ARRANGEMENT OF SECTIONS.

1. New Divisions III.16 and III.17.

"Division 16. - Debits Tax.
"81CA. DEFINITIONS."
"81CB. STAMP DUTY PAYABLE."
"81CC. RECOVERY OF DEBITS TAX BY FINANCIAL INSTITUTION."
"81CD. LODGEMENT OF RETURNS."
"81CE. OFFENCE."
"81CF. ADDITIONAL TAX FOR OFFENCE."
"81CG. COLLECTOR MAY RECOVER DEBITS TAX."
"Division 17. - Gas Project.
"81DA. INTERPRETATION."
"81DB. GAS PROJECT TRANSFERS."
"81DC. GAS PROJECT LOANS OR SECURITIES."

2. Amendment of Schedule 1.


AN ACT

entitled

Stamp Duties (2003 Budget Provisions) Act 2002.

Being an Act to amend the Stamp Duties Act (Chapter 117).

MADE by the National Parliament to come into operation in accordance with a notice in the National Gazette by the Head of State, acting with, and in accordance with, the advice of the Minister.

  1. NEW DIVISIONS III.16 AND III.17.

The Principal Act is amended in Part III by inserting after Division 15 the following new Divisions:-

"Division 16. — Debits Tax.
"81CA. DEFINITIONS.
In this division —
"81CB. STAMP DUTY PAYABLE.
There shall be charged, levied, collected and paid a stamp duty, in this Division referred to as a 'debits tax', at the rate of 0.01% on each taxable debit.
"81CC. RECOVERY OF DEBITS TAX BY FINANCIAL INSTITUTION.
A financial institution may charge to and recover from the holder of an account any amount of debits tax it is liable to pay in respect of transactions, chargeable with debits tax under this division, in that account.
"81CD. LODGEMENT OF RETURNS.
Not later than the 14th day of each month, each financial institution shall -
"81CE. OFFENCE.
A financial institution which -
is guilty of an offence.
Penalty: A fine of not less than K5,000.00 and not exceeding K10,000.00.
"81CF. ADDITIONAL TAX FOR OFFENCE.
(1) In addition to any penalty under Section 81CE, a financial institution that is guilty of an offence under that section is liable to pay as debits tax an amount equivalent to twice the debits tax that would have been payable had a return been lodged and payment made in accordance with this Division.
(2) Amounts payable under this section are not recoverable from the holder of an account.
"81CG. COLLECTOR MAY RECOVER DEBITS TAX.
The Collector of Stamp Duties may recover, in any Court of competent jurisdiction, any amount of unpaid debits tax.
"Division 17. — Gas Project.
"81DA. INTERPRETATION.
In this division —
"81DB. GAS PROJECT TRANSFERS.
Notwithstanding any other provision of this Act, the stamp duty on transfers referred to in Clause 14.10(a) of the Gas Agreement shall be an amount of K5,000.00.
"81DC. GAS PROJECT LOANS OR SECURITIES.
Notwithstanding any other provision of this Act, loans or securities referred to in Clause 14.10(b) of the Gas Agreement shall be exempt from stamp duty.".
  1. AMENDMENT OF SCHEDULE 1.

Schedule 1 of the Principal Act is amended in Item 2 by repealing the words "Bills of exchange payable on demand 0.20" and replacing them with the following:-

"Bills of exchange payable on demand — Nil."

I hereby certify that the above is a fair print of the Stamp Duties (2003 Budget Provisions) Act 2002 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Stamp Duties (2003 Budget Provisions) Act 2002 was made by the National Parliament on 10 December 2002.

Acting Speaker of the National Parliament.


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