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Electronic stamping of instruments.
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111.— (1) The Principal Act is amended—
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(a) in section 1—
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(i) by inserting the following after the definition of “die”:
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“ ‘ electronic return ’ means a return that is required to be made to the Commissioners by means of the e-stamping system;
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‘ e-stamping system ’ means the electronic system established by the Commissioners by means of which electronic returns can be made to, and stamp certificates can be issued by, the Commissioners;”,
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(ii) by substituting the following paragraphs for paragraphs (b) and (c) of the definition of “stamp”:
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“(b) any receipt in whatever form issued by or under the direction of the Commissioners,
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(c) an adhesive stamp issued by or under the direction of the Commissioners, or
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(d) a stamp certificate,”,
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and
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(iii) by substituting the following definitions for the definition of “stamped”:
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“ ‘ stamp certificate ’ means a certificate issued electronically by the Commissioners by means of the e-stamping system;
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‘ stamped ’, in relation to an instrument and material, applies as well to an instrument to which is attached a stamp certificate issued in respect of the instrument as to an instrument and material impressed with a stamp by means of a die and an instrument and material having an adhesive stamp affixed to it;”,
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(b) in section 4 by substituting “impressed stamps or by attaching to the instrument the stamp certificate issued in respect of that instrument” for “impressed stamps only”,
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(c) in section 8(2) by substituting “prescribed by the Commissioners; but where the instrument is stamped by means of the e-stamping system and subject to the Commissioners making regulations under section 17A in relation to when a statement is required to be delivered to them, then such statement is not required to be delivered but only if the evidence in relation to all the facts and circumstances, affecting the chargeability of the instrument to duty, are retained for a period of 4 years from the date the instrument is stamped and are made available to the Commissioners on request” for “prescribed by the Commissioners”,
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(d) in section 12 by inserting the following after subsection (4):
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“(5) Subsection (2) does not apply where the transfer or lease concerned is effected by an instrument which has been stamped by means of the e-stamping system.”,
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(e) in section 14(4) by substituting “particular stamp or by way of inclusion in a stamp certificate issued in respect of that instrument” for “particular stamp”,
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(f) by inserting the following after section 17:
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“E-stamping regulations.
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17A.— The Commissioners may make regulations with respect to the operation of the e-stamping system and those regulations may in particular, but without prejudice to the generality of the foregoing, include provision—
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(a) for the commencement of the operation of the e-stamping system,
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(b) for requiring instruments, or a specified class, or specified classes, of instruments, chargeable with stamp duty, to be stamped by means of the e-stamping system,
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(c) for requiring delivery of information and the manner of its delivery in relation to the facts and circumstances affecting the chargeability of an instrument to duty,
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(d) as to the making of an electronic return and the information that is required to be included in the return, including the manner in which the information is to be otherwise entered into the e-stamping system,
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(e) as to how stamp duty is to be paid to the Commissioners in respect of an instrument which is to be stamped by means of the e-stamping system,
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(f) as to the issue of stamp certificates denoting in respect of an instrument—
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(i) that the stamp duty chargeable on the instrument (including any penalty) has been paid in accordance with the electronic return,
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(ii) that the instrument has been duly stamped,
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(iii) that the instrument is not chargeable with any stamp duty,
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(iv) that the instrument is a duplicate or counterpart of an original instrument, or
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(v) that the stamp duty with which the instrument is chargeable depends in any manner on the duty paid on another instrument,
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(g) as to the issue, amendment or withdrawal of authorisations in relation to the use of the e-stamping system, and
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(h) as to measures to protect the integrity of the e-stamping system.”,
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and
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(g) in section 20—
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(i) in subsection (2) by substituting “has not been stamped and the Commissioners have not been required by any person to express their opinion as to the chargeability of the instrument to duty” for “has not been delivered to the Commissioners for assessment of duty or impressing of stamps”,
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(ii) in subsection (4) by substituting “particular stamp, or a stamp certificate issued in respect of the instrument,” for “particular stamp”,
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(iii) in subsection (5) by substituting “particular stamp, or a stamp certificate issued in respect of the instrument,” for “particular stamp”, and
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(iv) in subsection (6) by substituting “stamped in accordance with subsection (4) or (5)” for “stamped with the particular stamp denoting either that it is not chargeable with any duty, or is duly stamped”.
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(2) This section comes into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions.
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