STAMP DUTIES (AMENDMENT) BILL

Order for Second Reading read. 4.58 pm

The Minister for Finance and Minister for Trade and Industry (Dr Tony Tan Keng Yam): Mr Deputy Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

In the Budget statement on the 4th of March this year, it was announced that stamp duty on cheques was to be abolished from the 1st of April 1983. The collection of stamp duty on cheques, including travellers cheques, besides imposing an additional cost to banks and tourists alike is anachronistic, particularly when other methods of payment by credit cards and Giro do not attract stamp duty. The abolition of duty has already been affected by notification in the Gazette.

The Stamp Duties (Amendment) Bill, 1983, seeks to make consequential amendments. The amendments consist mainly of deleting the word "cheque" whenever it appears and those provisions, namely, sections 9, 44 and 45 relating to cheques in the Stamp Duties Act.

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. - [Dr Tony Tan Keng Yam].

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