Clause 5

The Commissioner may establish or operate a computer service known as the E-Stamping system that enables a registered person, in accordance with the arrangements made under this section —

to obtain an assessment of stamp duty (and any penalty) on an instrument;

to pay stamp duty (and any penalty) on an instrument by electronic funds transfer in accordance with the assessment; and

to stamp the instrument by attaching a stamp certificate to it which bears an authorisation number issued for the instrument and such other particulars as are determined by the Commissioner,without the need for the instrument to be presented to the Commissioner or a proper officer in charge of the stamp office.(2) Any person may apply to the Commissioner to register to use the E-Stamping system.(3) The Commissioner may refuse an application made under subsection (2) or approve the registration of the applicant subject to such terms as he thinks fit.(4) An approval may be amended at any time by agreement between the Commissioner and the registered person or by written notice given by the Commissioner to the registered person.(5) An approval granted under subsection (3) shall remain in force until it is cancelled by the Commissioner or until the registered person surrenders the approval.(6) The Commissioner may, by written notice, cancel an approval at any time for any reason.(7) The Commissioner may, with the approval of the Minister —

determine the information and particulars that may be electronically transmitted under the E-Stamping system, including the form and manner they are to be transmitted;

determine the procedure for use of the E-Stamping system, including the procedure in circumstances where there is a breakdown or interruption in the computer service; and

generally do such other things for the better provision of the computer service.Electronic assessment and stamping of instruments6C.—

For the purposes of this Act, the issue, using the E-Stamping system, of a stamp certificate for an instrument shall comprise an assessment of the duty (and any penalty) in relation to the instrument.(2) A registered person must, on receipt of a stamp certificate issued for the instrument by the Commissioner, forthwith attach the stamp certificate to the instrument.Electronic funds transfer of duty6D.—

Every registered person shall, for the purposes of the E-Stamping system, open an electronic banking facility with a bank to enable the transfer of funds from his designated account with the bank to an account specified by the Commissioner.(2) The Commissioner shall, on issuing to a registered person a stamp certificate in respect of any instrument that is chargeable with duty, forthwith deduct through electronic funds transfer the full amount of duty chargeable from the designated account of the registered person.(3) Nothing in subsection (2) shall require the Commissioner to deduct any moneys from the designated account of the registered person if the funds in that designated account are less than the full amount of duty chargeable on the instrument.”.