NEW STAMP DUTIES.

Evening Star, Volume IX, Issue 2722, 7 November 1871, Page 2

NEW STAMP DUTIES.

The first in the list of new stamp duties, is (hat which introduces a per ceutage on appointments to any office or employment under the General or Provincial Governments or County Council of Westland, or under “The Municipal Corporations Act, 1867,” at the following rates : —Where the salary shall exceed LIOO and not exceed L2OO, 1 per cent. ; exceed L2OO and not exceed L-500, 2 per cent. ; exceed LSOO, 3 per cent. This is in accordance with the English practice, where the rate of duty is about 3 per cent, up toLSOO, and for salaries exceeding L3OO 5 percent. From this source the Treasurer anticipates annually to derive about L 650. The next duty is the issue of annual licenses to Joint Stock Companies, winch are calculated to yield LISOO per annum. There are a very large number of trading companies in this Colony, which enjoy great advantages and profits from their trade here, but which contribute very little directly to its revenue, especially foreign companies, which arc constantly remitting large sums of money to England. New duties are so be levied on indentures of apprenticeship, and on awards under hand only or under hand and seal. The duty on certificates of title under the Land Transfer Act is the same as that already imposed; but it is intended to impose it in a- different manner, so as to prevent the serious evasions which now take place. The same duty will now he levied as would have been payable on a conveyance had the land been conveyed by deed instead of being vested Jby certificate. It is estimated that L3OOO will be obtained in excess of the amount raised under the present system. Stamps on certificates of incorporation under the Joint Stock Companies Act are expected to give LIOO ; but there is no such similar duty in England. Last year, in the Colony there were twenty-seven companies registered, and twenty-five in 1869, so that the average can be easily arrived at. When the last Stamp Duties Act was passed, mortgages and bills of sale were, for some reason or other, exempt from its operations ; but the Treasurer docs not intend to let such a good thing go untaxed any longer, and from this item alone he exjjects to be able to raise an animal revenue of 1.5000. The duty hitherto on instruments effecting the partition of property has been 10*, but it is now proposed that they should pay the same rate as conveyances, in accordance with the English practice, and from this source an additional LIOOO is expected. On release, renunciation, or disclaimer, the duties proposed are the same as in England—namely', when jjroperty is released by sale, the same duty as on a conveyance, and when released by mortgage, the same as on a mortgage, LIOO is the amount estimated for this duty. Deeds of settlement have paid only 10s as “deeds not otherwise charged,” but it is proposed to tax them as in England, and the

estimate f;om this source is LI, 500. Duties are also to be levied ou affidavits or statutory declarations, on appraisements and valuations, on notarial acts of any kind, and on many other jtems which now pass free. The item which will fall heaviest on the general public is the proposal that all receipts for 1.2 and upwards shall hear a 2d stamp. Hitherto receipts for all sums under Lo passed free, but the Treasurer sees that by making a swoop at the number of receipts which are constantly passing for small sums, he will add to the revenue by at least L 2,500 per annum. The duty on cheques has been raised to 2d. The other duties arc —Admission and appointment, or grant by any writing to or of auy office, place, or employment under the General Government of New Zealand, or under any I'rovineul Government, or the County Council of the County of Westland, or in auy Municipal Corporation established under the Municipal Corporations Act, IS7O, or under auy act or ordinance mentioned or referred to in the first schedule of the said acts, or any acts amending or continuing the same where the annual salary or emoluments shall exceed LlUOand shall not exceed L2OJ, I per cent ; exceed L2OU and shall not exceed L3OO. 2 per cent : exceed LSOO, 3 per cent. Exemptions—(l.) Admission proceeding upon a duly stamped appointment or grant. (2 ) Periodical readmission or appointment to any office, or employment of any person who has been once duly admitted to such office or employment. Annual license to be taken out by all Joint Stock Companies and all incorporated companies exclusive of Mining and Flax Companies carrying on business in New Zealand whether incorporated in this colony or elsewhere, one shilling per cent on nominal capital, but not to exceed a maximum of L2fll( jin respect of any one certificate of incorporation.