STAMP (AMENDMENT) BILL

Order for Second Reading read.

2.54 p.m.

Mr Lim Kim San: Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

The Stamp Ordinance was not amended when Singapore was part of Malaysia. So the majority of amendments proposed in this Bill relate to textual and terminological changes which take account of Singapore's new status as an independent sovereign Republic. References to the Colony, the Federation of Malaya, the British Commonwealth, and so on, are to be appropriately amended in keeping with Singapore's new Constitution.

The opportunity has also been taken to make certain other amendments. For example, section 35 (b) of the principal Ordinance, which exempted grants or leases made by the Government or under the Foreshores Ordinance, is to be deleted, as no good reason exists for such exemption. Exemptions previously granted to the Malayan Railways under Schedule A, Article 53 (e) , and to the Co-operative Societies registered in the Federation of Malaya under section 35 are to be withdrawn, as such provisions are inappropriate in the laws of an independent Republic.

Under Article 27 of Schedule A, counterparts and duplicates of instruments are liable to stamp duty, and the proposed amendment will exempt duplicates of instruments from such duty. This is particularly desirable as traders are required to retain duplicate copies of receipts issued under the Income Tax Ordinance. It was never intended that duty should be imposed on duplicate copies required for the purposes of the Income Tax Ordinance.

Sir, I beg to move.

Question put, and agreed to.

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

The House immediately resolved itself into a Committee on the Bill. - [Mr Lim Kim San].

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