Home | Databases | WorldLII | Search | Feedback Papua New Guinea Sessional Legislation

  Download original PDF

Stamp Duties (Amendment) Act 1996

PAPUA NEW GUINEA

Stamp Duties (Amendment) Act 1996

No. 26 of 1996

ARRANGEMENT OF SECTIONS

Rates of Duty (Amendment of Schedule 1).

AN ACT

entitled

Stamp Duties (Amendment) Act 1996,

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

MADE by the National Parliament, to be deemed to have come into operation –

(a) in respect of Sections 1(a) and (b) – on 1 May 1995;
(b) in respect of Section 1(c) – on January 1995; and
(c) in respect of Section 1(d) – on 1 June 1995.

RATES OF DUTY (AMENDMENT OF SCHEDULE 1).

Schedule 1 to the Principal Act is amended –

(a) in Item 1 in Exemption (5) by repealing the words " the Discount Facility" and replacing them with the following:-

• "any Advance or Deposit Facility or other liquidity management facility"; and

(b) in Item 2 in Exemption (13) by repealing the words "the Discount Facility" and replacing them with the following:-

• "any Advance or Deposit Facility or other liquidity management facility."; and

(c) in Item 5-

(i) by inserting at the end of Paragraph (a) to the following:-

• "residential property", for the purposes of this Item, includes any residential property of which a person has land use entitlement directly or indirectly under a marketable security or other chose-in-action."; and

(ii) by inserting the following new exemption:-

• "(7) Conveyances or transfers of real property by the Gazette Restoration Authority under a land resettlement scheme implemented pursuant to or otherwise authorized under the Gazette Restoration Authority Act 1995.".
  

I hereby certify that the above is a fair print of the Stamp Duties (Amendment) Act 1996 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Stamp Duties (Amendment) Act 1996 was made by the National Parliament on 24 July 1996.

Speaker of the National Parliament.