Stamp Duties (Amendment) Bill

If it is shown to the satisfaction of the Commissioner that the prescribed conditions have been fulfilled, ad valorem stamp duty under Article 3(a), (b) and (c) in the First Schedule shall not be chargeable on any instrument made on or after 1st July 2000 for the purposes of or in connection with —

the transfer of the undertaking or shares in respect of a scheme for the reconstruction of any company or companies, or the amalgamation of any companies; or

the transfer, conveyance or assignment of any beneficial interest in any asset between associated companies.

No instrument referred to in this section shall be deemed to be duly stamped unless —

it is stamped with the duty to which it would but for this section be liable; or

it has been brought to the Commissioner under section 37 and he has certified under section 38 that the full duty with which it is chargeable has been paid or that it is not chargeable with duty.

Where any claim for relief from duty under this section has been allowed and it is subsequently found that —

any declaration or other evidence furnished in support of the claim was untrue in any material particular; or

any prescribed matter which the Commissioner was satisfied would not occur in allowing the relief, does occur,the claim shall be deemed to have been disallowed and an amount equal to the duty remitted shall —

become payable forthwith; and

be recoverable from the transferee company as a debt due to the Government, together with interest thereon at the rate of 6% per annum, from the date on which the duty would have become chargeable if this section had not been enacted.”.