29 Aug 2018 in National Assembly:
THAT, the Bill be amended by inserting the following new clause immediately after clause 56—
view
29 Aug 2018 in National Assembly:
56A. The Stamp Duty Act is amended by inserting the following new section
view
29 Aug 2018 in National Assembly:
immediately after section 82—
view
29 Aug 2018 in National Assembly:
82A. For purposes of this Act, the stamp duty payable for
view
29 Aug 2018 in National Assembly:
“policy of life insurance” and “policy of insurance against
view
29 Aug 2018 in National Assembly:
accident” shall be payable monthly as an aggregate of all
view
29 Aug 2018 in National Assembly:
policies issued within the month.
view
29 Aug 2018 in National Assembly:
This particular proposal touches on levies being levied on insurance policies. Currently, insurance companies use franking machines which are very old in technology. They carry them to the Ministry of Lands and Physical Planning to be loaded and then they use them to stamp the policies. It is now being proposed that they should be allowed to accumulate all the policies and stamp them once in a month, instead of waiting up to the time when it is done with a franking machine.
view
29 Aug 2018 in National Assembly:
Hon. Temporary Deputy Chairman, I beg to move.
view