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Stamp Duties (Amendment) Act 1989

LAWS OF THE REPUBLIC OF VANUATU

THE STAMP DUTIES (AMENDMENT) ACT,
No. 32 OF 1989

ASSENT: 18/12/89
COMMENCEMENT: 22/11/89

To amend the Stamp Duties Regulation Cap 19.

BE IT ENACTED by President and Parliament as follows:-

AMENDMENT OF SCHEDULE TO THE STAMP DUTIES REGULATION CAP 19

1. Schedule to the Stamp Duties Regulation Cap 19 is amended as follows:

Under the heading 'TRANSFER OF PROPERTY'-

(a) in paragraph (1), by substituting for the words 'Transfer of movable property' of the words 'Transfer of movable property other than shares in or debentures of a company'; and

(b) by inserting after paragraph (1) the following new paragraph:-

"(1A) Transfer of shares in or debentures of a company

(a) Transfer of a share in or debenture of a company having a leasehold interest in any land in Vanuatu-

(i) upon sale, for every

VT10,000 or part

thereof of the purchase

or consideration money; VT400 The transferee

(ii) otherwise than upon sale,

for every VT10,000 or part

thereof of the market value

of the share or debenture

at the date of the transfer VT400 The transferee

(b) Transfer of a share in or debenture of a company (other than a company referred to in subparagraph (a) of this paragraph)-

(i) upon sale, for every

VT10,000 or part

thereof of the

purchase or

consideration money; VT60 The transferee

(ii) otherwise than upon

sale, for every

VT10,000 or part thereof

of the market value

of the share or debenture

at the date of

the transfer VT60 The transferee

for the purpose of this paragraph-

'land' includes any estate, any interest in or benefit to land, all things growing on land, houses, buildings, improvements and all other things on land, land beneath water, the seabed extending to the side of any offshore reef but no further and the subsoil thereof."

COMMENCEMENT

2. This Act shall come into force on the 22nd day of November, 1989.

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