Stamp Duty (Amendment) Bill 1999

Amend the Stamp Duty Ordinance.

Enacted by the Legislative Council.

1. Short title and commencement

(1) This Ordinance may be cited as the Stamp Duty (Amendment) Ordinance 1999.

(2) This Ordinance shall come into operation on a day to be appointed by the Secretary for the Treasury by notice in the Gazette.

2. Interpretation

Section 2(1) of the Stamp Duty Ordinance (Cap. 117) is amended---

(a) in the definition of "stamp", in paragraph (b), by adding

"has been presented for adjudication or that it" after "any instrument";

(b) by adding---

""adjudication fee" (裁定費) means the adjudication fee prescribed in the Fifth Schedule;".

3. Adjudication of stamp duty by Collector

Section 13 is amended---

(a) in subsection (1), by repealing "of an adjudication fee of

$20" and substituting ", subject to subsection (1B), of the adjudication fee";

(b) by adding---

"(1A) The Financial Secretary may by order amend the Fifth Schedule.

(1B) The adjudication fee shall not be payable in respect of an instrument where it is provided for under section 24(2), 27(3), 29F(2), 29H(3), 44(3) or 45(3) or under Note 4 to head 1(1) or Note 3 to head 2(3) in the First Schedule that the instrument shall not be duly stamped unless it is stamped under subsection (3).

(1C) Where any person has paid the adjudication fee in respect of an instrument to which subsection (1B) applies, the Collector may, on application made not later than 2 years after the Collector has expressed his opinion under subsection (1), and upon the instrument, if chargeable with stamp duty, being stamped with a stamp denoting payment of the stamp duty chargeable thereon, cancel the stamp denoting payment of the fee and refund the amount of the fee.";

"(2) Any instrument in respect of which---

(a) the adjudication fee is paid under subsection (1) shall be stamped with a stamp approved by the Collector denoting the payment thereof;

(b) the adjudication fee is not payable under subsection (1B) shall be stamped with a stamp approved by the Collector denoting that it has been presented for adjudication.";

(d) in subsection (4), by repealing "with the stamp denoting payment of the adjudication fee".

4. Regulations

Section 63 is amended by repealing "Chief Executive in Council" and substituting "Financial Secretary".

5. Schedule added

The following is added---

"FIFTH SCHEDULE [ss. 2 & 13]

Adjudication Fee

$50".

Explanatory Memorandum

The purpose of this Bill is to amend the Stamp Duty Ordinance (Cap. 117) to---

(a) simplify the procedure for amending the amount of the adjudication fee payable for the Collector of Stamp Revenue expressing his opinion on whether an executed instrument is chargeable with stamp duty or the amount of stamp duty chargeable on the instrument (clauses 2(b) and 3(a), new section 13(1A) at clause 3(b) and the new Fifth Schedule at clause 5);

(b) specify the instruments in respect of which the adjudication fee is not payable (new section 13(1B) and (1C) at clause 3(b));

(c) transfer from the Chief Executive in Council to the Financial Secretary the power to make regulations under section 63

(clause 4); and

(d) make amendments consequential to the amendments referred to in paragraphs (a) and (b) (clauses 2(a) and 3(c) and (d)).