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Agreement as to stamp duty on certain instruments.
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20.—(1) The Revenue Commissioners may, if they in their discretion so think proper, enter into an agreement with any person for the composition, in accordance with the following provisions of this section, of the stamp duties chargeable under the heading “Bill of Exchange or Promissory Note” in the First Schedule to the Stamp Act, 1891, on bills and notes drawn or made out of the State which come into his hands in the State before they are stamped and which he presents for payment, or endorses, transfers, or in any manner negotiates or pays.
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(2) Any such agreement shall be in such form and terms and shall contain such conditions as the Revenue Commissioners think proper and, in particular, the agreement shall require the person concerned to deliver to the Revenue Commissioners periodical accounts in respect of the instruments to which it relates giving particulars of those instruments.
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(3) While any such agreement remains in force, any instrument to which it relates and which bears such indication of the payment of stamp duty as the Revenue Commissioners may require shall not be chargeable with stamp duty, but in lieu thereof and by way of composition, the person who has entered into the agreement shall pay to the Revenue Commissioners, on the delivery of any account under the agreement, such sums as would, but for the provisions of this section, have been chargeable by way of stamp duty on instruments to which the agreement relates for the period to which the account relates.
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(4) Where a person makes default in delivering any account required by any such agreement or in paying the duty payable on the delivery of any such account, he shall be liable to a fine not exceeding fifty pounds for any day during which the default continues and shall also be liable to pay, in addition to the duty, interest thereon, which shall be recoverable in the same manner as if it were part thereof, at the rate of five per cent. per annum from the date when the default begins.
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