STAMP (AMENDMENT) BILL

Order for Second Reading read.

3.44 p.m.

The Minister for Finance (Dr Goh Keng Swee): Mr Speaker, Sir, I signify that I have received the Yang di-Pertuan Negara's recommendation that the Bill be proceeded with.

The Parliamentary Secretary to the Minister for Finance (Mr Low Por Tuck): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

Sir, the object of the Bill is to bring the Stamp Ordinance up-to-date in the light of past experience in order to overcome certain administrative difficulties encountered in the past, and to improve efficiency in administering the Stamp Ordinance.

In order to eliminate unnecessary delay and administrative inconvenience, it is now proposed to empower the Commissioner of Stamps to delegate the powers, functions and duties vested in him by the Ordinance to any person having official duty or employed in the admimstration of the Stamp Ordinance. For the same reason, it is proposed to transfer the powers to authorise the officer in charge of any Stamp Office to issue imprest stamps, to issue a licence giving permission to use a franking machine to pay stamp duty and to authorise any bank doing business in Singapore to compound for the payment of duty on any unstamped cheques, from the Minister to the Commissioner.

The Bill also aims at tightening up the provisions to deal with evasion more effectively. It provides that only stamps of the State of Singapore shall be used for payment of stamp duty. At present the Ordinance does not specify the period within which an instrument should be stamped after adjudication by the Commissioner so that the Commissioner has no power to compel the taxpayer to have such instrument stamped within any specified period. Clause 6 of the Bill provides that such instrument shall be stamped within 14 days after notice of the assessment made by the Commissioner, or within 14 days after the issue of the Order of the High Court or within such further period specified by the Commissioner or High Court as the case may be. This will assist the Commissioner in the collection of duty payable by the taxpayer.

At present, under section 45 of the Ordinance, transfers, of shares cannot be stamped until the number of shares are entered. In view of the fact that certain types of shares now no longer carry distinguishing numbers, provision is now made by clause 7 of the Bill to empower the Commissioner in suitable cases to permit a transfer of shares to be stamped even though the number of shares is not entered in the transfer.

Clause 9 of the Bill provides that where an instrument is to be stamped vvithin a certain period after execution, such period shall commence on the day after the execution of the instrument. Clause 11 provides for the right of Government to claim duty which has been under-assessed and to recover penalty in respect of offences committed under the Ordinance, and clause 12 is designed to tighten up the provisions relating to such penalty.

Clauses 8, 10 and 13 of the Bill provide respectively for consequential amendments to sections 46, 53 and 63 of the Ordinance following the revision of the rates of duty under Schedule A by the Stamp (Amendment) Ordinance, 1952.

The Bill also gives effect to the proposal to raise the practising fee of Advocates and Solicitors, which was announced by the Minister for Finance in his Budget Statement on the 29th November, 1960.

Sir, I beg to move.

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 Low Por Tuck].

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