STAMP DUTY.

Hokitika Guardian, 8 April 1924, Page 1

STAMP DUTY.

NEW CHEQUE FORMS

SAVING IN LABOUR. The stamp which is impressed on hank cheques, as issued by the various banks carrying on business in New Zealand, will shortly be a tiling of the past. Within the next few weeks cheques will be issued bearing the phrase “Stamp Duty Paid” on the right-hand side, m the position where the present impression stamp is placed. Under the Stamp Duties Act, IS2J, provision was made lor exempting cheques issued by banks from ordinary duty, in consideration of a payment by the banks in commendation of that duty. This means that the duty will still be paid bp the purchaser of the cheque book when he applies for it at the bank counter, but, instead of the bank paying the duty 'in advance as previously, the duty will now be paid after the cheques have been handed to the usor. The new regulation will not aflect cheques printed by private companies, and these will still have to be forwarded to the Stamping Office to be impressed, as no control over their issue is exercised by the banks. The change will not affect bank customers in the slightest. They will still pay the duty when a cheque hook is bought, hut the new regulations will obviate the necessity of sending cheque-books issued by the bank to be stamped before delivery to the hank client.

The change will also lessen the work of the officials of the Stamp Office in Wellington, as instead of having to stamp every cheque, only cheques printed and" issued by companies will now be stamped’. The duty will be paid quarterly by the banks, which will submit a return of tlie cheque-books sold and the duty collected.