finance Act 2013 chapter iii — AmeNDmeNts to the stAmP Act 1949

commencement of amendments to the stamp act 1949

s 41

this chapter commences on the coming into operation of this Act. amendment of section 8

s 42

the stamp Act 1949, which is referred to as the “principal Act” in this chapter, is amended in section 8, by inserting after subsection (5) the following subsections: “(6) the collector or any person authorized by him in writing may, at all reasonable times, inspect any books, records and documents kept by him in connection with the issue of such licence. (7) for the purpose of subsection (6), the authorized person shall keep and retain the books, records and documents in connection with the issue of such licence for a period of seven years from the year in which such licence is issued. (8) Any authorized person who fails to comply with the conditions imposed in the licence under subsection (2) shall be liable to a fine of not less than four thousand ringgit and not more than ten thousand ringgit.”. amendment of section 9

s 43

the principal Act is amended by substituting for section 9 the following section: “authorized person to compound instrument 9. (1) subject to this section, the collector may authorize— (a) any banker, dealer or insurer to compound for the payment of duty on unstamped cheques, contract notes or policies of insurance drawn or drawn up and issued on forms to be supplied or adopted by the said banker, dealer or insurer; (b) the Registrar of companies to compound for the payment of duty on unstamped Articles of Association and memorandum of Association lodged with the said Registrar; and (c) the principal officer of tenaga Nasional Berhad to compound for the payment of duty on the unstamped tNB electricity supply form issued and supplied by the tenaga Nasional Berhad. (2) the said authorized persons shall levy upon or charge to the person to whom such instruments referred to in subsection (1) are issued the stamp duty mentioned in the first schedule. (3) the said authorized person shall 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 instruments and where he fails to pay the amount on each date specified or within fourteen days immediately thereafter, he shall in addition to the amount due pay a further 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. (4) the said authorized person shall deposit with the collector, as security for the due payment to the collector of any moneys payable under subsection (2), such sum, if any, as the minister of finance may direct. (5) instruments in respect of which payment of duty by way of composition has been made under this section, notwithstanding any other provision of this Act, shall be deemed to be duly stamped. (6) Where any person has been authorized to compound for the payment of duty on unstamped instrument as mentioned under paragraph 1(a), (b) or (c), the collector or any person authorized by him in writing, may, at all reasonable times, inspect any stocks of unstamped instrument held by such person and any books, records and documents kept by him in connection with the issue of such instrument. (7) for the purpose of subsection (6), the person mentioned in subsection (1) shall keep and retain the books, records and documents in connection with the issue of such Articles of Association and memorandum of Association for a period of seven years from the year in which such Articles of Association and memorandum of Association are issued.”. new section 60A

s 44

the principal Act is amended by inserting after section 60 the following section: “Failure to frank documents