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Stamp Duties (2012 Budget) (Amendment) Act 2011

PAPUA NEW GUINEA

Stamp Duties (2012 Budget) (Amendment) Act 2011.

No. 16 of 2011.

Certified on : 28 DEC 2011

Stamp Duties (2012 Budge)(Amendment) Act 2011.

ARRANGEMENT OF SECTIONS.

1. Interpretation (Amendment of Section 1).
2. Administration of this Act (Amendment of Section 3).
3. Schedule 1 (Amendment of Schedule 1).

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No. 16 of 2011.

AN ACT

entitled

Stamp Duties (2012 Budget)(Amendment) Act 2011.

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

MADE by the National Parliament and deemed to have come into operation on 1 January 2012.

1. INTERPRETATION (AMENDMENT OF SECTION 1).

Section 1 of the Principal Act is amended in Subsection (1), by inserting after the definition of -

(a) by inserting after the definition of "property" the following new definition:

"property unit trust" means "property unit trust" as defined in Section 4(1) of the Income Tax Act 1959; and

(b) "unit" the following new definition:

"unit trust" means "unit trust" as defined in Section 4(1) of the Income Tax Act 1959;".

2. ADMINISTRATION OF THIS ACT (AMENDMENT OF SECTION 3).

Section 3 of the Principal Act is amended by inserting after Subsection (3) the following new Subsection:

"(4) Section 10A of the Income Tax Act 1959 applies to this Act."

3. SCHEDULE 1 (AMENDMENT OF SCHEDULE 1).

Schedule 1 of the Principal Act is amended in Item 5 by inserting after Paragraph (ab) the following new paragraph:

"(ac) Where the transfer is a transfer of property to a unit trust or a property unit trust or is a transfer of property to a trust which immediately after the transfer will become a unit trust or a property unit trust being a transfer prior to 1 January 2015 -2% of the value;".

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I hereby certify that the above is a fair print of the Stamp Duties (2012 Budget) (Amendment) Act 2011 which has been made by the National Parliament.

Acting Clerk of the National Parliament
28 DEC 2011

I hereby that the Stamp Duties (2012 Budget) (Amendment) Act 2011 was made by the National Parliament on 21 December 2011.

Acting Speaker of the National Parliament.
28 DEC 2011