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Stamp Duties (Budget Provisions 2001) Act 2000

PAPUA NEW GUINEA

Stamp Duties (Budget Provisions 2001) Act 2000

No. 59 of 2000
Certified on 2/2/2001

AN ACT

entitled

Stamp Duties (Budget Provisions 2001) Act 2000,

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

MADE by the National Parliament to come into operation on 1 January 2001.

1. COMPANY RECONSTRUCTIONS (AMENDMENT OF SECTION 68A).

Section 68A of the Principal Act is amended-

(a) In Subsection (1), by adding the following new Paragraph:-

• "(c) upon the transfer of property from an amalgamating company to an amalgamating company under a qualifying amalgamation."; and

(b) by repealing Subsection (2)(b); and
(c) by repealing Subsection (8) and replacing it with the following:-

• "(8) For the purposes of this section, the terms "amalgamating company' ‘amalgamated company' and 'qualifying amalgamation' are as defined in the Income Tax 1959.".

2. AMENDMENT OF SCHEDULE 1.

Schedule 1 to the Principal Act is amended-

(a) In Item 5 -

• (i) by inserting after Paragraph (a) a new Paragraph (ab) as follows-
  • "(ab) Where the property is a mining lease, special mining lease or exploration licence issued under the Mining Act 1992 or the subject of a licence issued under the Oil and Gas Act 1998 - 2% of the value;"; and
• (ii) by repealing the heading to Paragraph (b) and replacing it with the following:-
  • "(b) In cases, to which Paragraphs (a) and (ab) do not apply-"; and

(b) In Item 15B, by repealing the figure "K5,000" and inserting in its place the figure "K10,000".

I hereby certify that the above is a fair print of the Stamp Duties (Budget Provisions 2001) Act 2000 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Stamp Duties (Budget Provisions 2001) Act 2000 was made by the National Parliament on 7 December 2000.

Speaker of the National Parliament.