Malaysia legislation
Section 27
Section 27
Amendment of section 9
The Stamp Act 1949, which is referred to as the “principal
(a)
in the shoulder note, by inserting after the words “in that behalf” the words “or rights subscription forms supplied by Bursa Malaysia”;
(b)
in subsection (1)—
(i)
by deleting the word “and”; and
(ii)
by inserting after the words “of insurance,” the words “and Bursa Malaysia to compound for the payment of duty on unstamped rights subscription forms,”;
(c)
by substituting for paragraph (a) the following paragraph:
“(a) that the said cheques, contract notes, policies of insurance or rights subscription forms be drawn or drawn up and issued on forms to be supplied or adopted by the said banker, dealer, insurer or Bursa Malaysia;”;
(d)
by substituting for paragraph (b) the following paragraph:
“(b) that the said banker, dealer, insurer or Bursa
Malaysia do levy upon or charge to the person to whom such cheques, contract notes, policies of insurance or rights subscription forms are issued the stamp duty mentioned in the First Schedule;”;
(e)
by substituting for paragraph (c) the following paragraph:
“(c) that the said banker, dealer, insurer or Bursa Malaysia do pay on the 1st day of each calendar month in each year to the Collector the amount due and collected thereon as duties on such unstamped cheques, contract notes, policies of insurance or rights subscription forms, and where he fails to pay the amount due on each date specified or within fourteen days immediately thereafter, he shall in addition to the amount due pay a further
Act 742
amount of two hundred ringgit or ten per centum of the amount due whichever is the greater and any amount due shall be recoverable as a debt due to the Government;”;
(f)
in paragraph (d), by substituting for the words “or insurer”
the words “, insurer or Bursa Malaysia”;
(g)
by substituting for subsection (2) the following subsection:
“(2) Cheques, contract notes, policies of insurance or rights subscription forms drawn or drawn up and issued on forms supplied or adopted by such banker, dealer, insurer or Bursa Malaysia in accordance with this section shall be deemed to be duly stamped.”;
(h)
by substituting for subsection (3) the following subsection:
“(3) Where a banker, dealer, insurer or Bursa
Malaysia has been authorized to compound for the payment of duty on unstamped cheques, contract notes, policies of insurance or rights subscription forms as provided in subsection (1), the Collector or any person authorized by him in writing, may at all reasonable times, inspect any stocks of unstamped cheques, contract notes, policies of insurance or rights subscription forms held by the banker, dealer, insurer or Bursa Malaysia and any books, records and documents kept by him in connection with the issue of such cheques, contract notes or policies of insurance, or supply of such rights subscription forms.”; and
(i)
by substituting for subsection (4) the following subsection:
“(4) For the purpose of subsection (3), the banker, dealer, insurer or Bursa Malaysia shall keep and retain the books, records and documents in connection with the issue of such cheques, contract notes or policies of insurance, or supply of such rights subscription forms for a period of seven years from the year in which such cheques, contract notes, policies of insurance are issued or rights subscription forms are supplied.”.
Finance 25
Amendment of First Schedule