STAMP (AMENDMENT) BILL

11.38 a.m.

The Financial Secretary (Mr T. M. Hart): Mr Speaker, Sir, I have a Certificate of Urgency from His Excellency the Governor relating to a Bill intituled "An Ordinance to amend the Stamp Ordinance (Chapter 170 of the Revised Edition)" which I should like to take through all its stages today.

Certificate of Urgency handed in.

Mr Speaker: The Certificate is in order. Please proceed.

First Reading

Mr Hart: Sir, I beg to introduce a Bill intituled "Stamp (Amendment) Bill".

I have here copies of the Bill for distribution to Members.

Typed copies of the Bill handed in to the Clerk and distributed to hon. Members.

Bill read the First time.

Second Reading

Mr Speaker: Second Reading, what day?

Mr Hart: Now, Sir. Sir, I beg to move, "That the Bill be now read a Second time."

As I explained earlier, it is necessary to raise revenue by means of increased taxation. One of the measures proposed is to increase the rate of stamp duty on conveyances, assignments and transfers of property other than stock and marketable securities. The present rate rises from .6 per cent of the consideration to approximately one per cent where the consideration is over $10,000. The new rate is a flat two per cent on all considerations for conveyances whatever the amount. The new rate should cause no hardship to anybody.

Sir, I beg to move.

The Assistant Minister for Education (Inche Mohamed Sidik bin Haji Abdul Hamid): Sir, I beg to second the motion.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole Assembly.

Assembly immediately resolved itself into a Committee on the Bill. [Mr Hart].

Bill considered in Committee; reported without amendment; read the Third time and passed.