Stamp (Amendment) Law

Stamp (Amendment) Law A LAW TO AMEND THE STAMP ORDINANCE. BE it enacted by the National State Assembly of the Republic of Sri Lanka as follows: Short title. 1. This Law may be cited as the Stamp (Amendment) Law, No. 28 of 1975. Insertion of new section 87 A in Chapter 247. 2. The following new section is hereby inserted immediately after section 87 of the Stamp Ordinance (hereinafter referred to as the ” principal enactment “)and shall have effect as section 87A of that enactment: “Provisions of section 34 not to apply’ id certain circumstances. 87A. (1) Where any person making payments to employees in respect of their employment satisfies the Commissioner that it is impracticable or inexpedient for such employees to give duly stamped receipts under section 34 in respect of such payments, the Commissioner may, by notice in writing, direct such person- (a) to deduct from the amount of any such payment as is specified in the notice, the stamp duty payable on the receipt relating to such payment, (b) to remit at such intervals as are specified in the notice the sums deducted under paragraph (a), and (c) to deliver to the Commissioner, accounts -relating to the sums deducted under paragraph (a) at such intervals, in such form and containing such particulars as are specified by the Commissioner in the notice. (2) Notwithstanding anything in section 34, it shall not be necessary for any person receiving any payment referred, to in a notice under subsection (1) to give in respect of that payment a duly stamped receipt. (3) Any person who fails to comply with any direction given in a notice issued to him under subsection (1), shall be liable to pay as penalty a sum equal to ten rupees per centum upon j the amount of duty payable, and a like penalty for every month after the first month during which the failure continues. (4) The duty and penalty require to be paid under this section may be recovered as if they were required to be paid under Chapter IV.” Amendment of Part 1 of Schedule A to the principal enactment. 3. Part I of Schedule A to the principal enactment, as last amended by Law No. 21 of lf)73, is hereby further amended as follows : – (1) by the substitution in item 23 thereof, for paragraphs (1) and (2) of that item, of the following new paragraphs: – ” (1) (a) Writing or Bill of Sale by way of conveyance or transfer requiring registration under the Registration of Documents Ordinance; (b) conveyance or transfer of any immovable property for any consideration- where the purchase or consideration money therein or thereupon expressed, or if the consideration be other than a pecuniary one, or partly pecuniary and partly other than pecuniary, the value of the property shall be- Over Rs. 0 and not over Rs. 50.. 1 0 Over Rs. 50 and not over Rs. 100 . . 2 0 Over Rs. 100 and not over Rs. 200.. 4 0 Over Rs. 200 and not over Rs. 300 .. 6 0 Over Rs. 300 and not over Rs. 400 . . 8 0 Over Rs. 400 and not over Rs. 500 . . 10 0 Over Rs. 500 and not over Rs. 1,000 . . 15 0 Over Rs. 1000 and not over Rs. 50,000, for every Rs. 100 or part thereof . . 3 0 Over Rs. 50,000 and not over Rs. 75,000, for every Rs. 100 or part thereof . . 4 0 Over Rs. 75,000 and not over Rs. 100,000, for every Rs. 100 or part thereof . . 5 0 Over Rs. 100,000, for every Rs. 100 or part thereof .. .. 6 0 Provided that where a conveyance or transfer of any immovable property is deemed by the Commissioner to be partly a conveyance or transfer and partly a gift, then, if the value of such property exceeds Rs. 1,000, the duty chargeable in respect of such part of the transaction as is deemed to be a conveyance or transfer shall be at the appropriate rate as set out above notwithstanding that the consideration set forth in the instrument of such conveyance or transfer is less than Rs. 1,000. (2) Conveyance or transfer of any movable property for any consideration- where the purchase or consideration- money therein or thereupon expressed, or if the consideration be other than a pecuniary one, or partly pecuniary and. partly other than pecuniary, the value of the property shall be- Rs.. C. Over Rs. 0 and not over Rs. 50 .. 0 50 Rs.. C. Over Rs. 50 and not over Rs. 100 .. 1 0 Rs.. C. Over Rs. 100 and not over Rs. 200 .. 2 0 Rs.. C. Over Rs. 200 and not over Rs. 300 .. 3 0 Rs.. C. Over Rs. 300 and not over Rs. 400 .. 4 0 Rs.. C. Over Rs. 400 and not over Rs. 500 .. 5 0 Rs.. C. Over Rs. 500 and not over Rs. 1000 .. 10 0 Rs.. C. Over Rs. 1,000 and not over Rs. 50,000, for every Rs. 100 or part thereof .. 3 0 Over Rs. 50 and not over Rs. 100 1 0 Over Rs. 100 and not over Rs. 200 .. 2 0 Over Rs. 200 and not over Rs. 300 3 0 Over Rs. 300-and not over Rs. 400 4 0 Over Rs. 400 and not over Rs. 500 5 0 Over Rs. 500 and not over Rs. 1,000.. 10 0 Over Rs. 1,000 and not over Rs. 50,000, for every Rs. 100 or part thereof 3 0 Over Rs. 50,000 Rs. 1,500 and an additional sum computed at the rate of Rs. 5, for every Rs. 500, or any out- standing fraction thereof, in excess of Rs. 50,000. Provided that in the case of a conveyance or transfer of shores, scrip, stock, debentures or debenture stock the duty shall be as follows :- Rs. C. Where the value is over Rs, 0 and not over Rs. 50 1… 0 Where the value is over Rs. 50 and not over Rs. 100 .. .. 2 0 Where the value is over Rs. 100 and not over Rs. 200 . . . . . 4.. 0 Where the- due is over Rs. 200 and not over Rs .300 . . . . 6 0 Where the over Rs. 300 and not over Rs .. .. ..400.. .. 8 0 Where the value is over Its. 400 and not over Rs. 500 . . . . .. 10 0 Where the value is over Rs. 500 and not over Rs. 1,000 . . . . . . 20 0 Where the value is over Rs.. 1,000 and I not over Rs. 50,000, for every Rs. 100 or part thereof . . . . . . 3 0 Over Rs. 50,000- Rs. 1,500 and an additional sum computed at the rate of Rs. 10 for every Rs. 500, or any out-standing fraction therefore in excess of Rs. 50,000″ ; and (2) by the substitution, for item 32 thereof, of the following new item: “32. (1) Gift or deed of gift of any property- (a) where the value of the property- Rs. c. (i) does not exceed Rs. 50 1 0 (ii) exceeds Rs. 50 but does not exceed ! Rs. 100 . . 2 0 (iii) exceeds Rs. 100 but does not exceed Rs. 200 . . . . 4 0 (iv) exceeds Rs. 200 but does not exceed Rs. 300 ….. 6 0 (v) exceeds Rs. 300 but does not exceed Rs. 400 .. 8 0 (vi) exceeds Rs. 400 but does not exceed Rs. 500 . . . . 10 0 (vii) exceeds Rs. 500 but does not exceed Rs. 1000 . . . . 15 0 (viii) exceeds Rs. 1000 but does not exceed Rs. 50,000, for every Rs. 100 or part thereof . . . . 3 0 (b) where the property exceeds Rs. 50,000 in value, Rs. 1,500 and an additional sum computed at the rate of Rs. 8 for every Rs. 500, or any outstanding fraction thereof in excess of Rs. 50,000. (2) Except in any case where different allotments are treated and described as one property, and from their situation as respects each other can be included in one survey, a gift or deed of gift affecting more than one land shall be liable to further duty as follows: – For each additional land : (i) where the aggregate value of all the lands does not exceed Rs. 100 , . 0 25 (ii) where the aggregate value of all the lands; exceeds Rs. 100 but does not exceed Rs. 300 0 50 (iii) where the aggregate value of all the lands exceeds Rs.. 300 .. . 1 0″