STAMP (AMENDMENT) BILL

Order for Second Reading read.

3.12 p.m.

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

Section 7 of the Stamp Ordinance, as it now reads, permits the use of impressed or adhesive stamps for the payment of duties. The term "adhesive stamps" includes both postal stamps and revenue stamps of higher values. In other words, under the law as it now stands, postal stamps can be used for the payment of duties.

The use of separate revenue stamps will assist in differentiating between postal revenue and stamp duty revenue, and it has been decided to introduce revenue stamps as distinct from postal stamps.

The amendment which will come into force on such date as the Minister may appoint will restrict the payment of duties to revenue stamps and impressed stamps only.

Sufficient time will be given for the change-over.

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 Tang See Chim].

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