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Stamp Duties (Amendment) Act 2016

REPUBLIC OF VANUATU

STAMP DUTIES (AMENDMENT)
ACT NO. 5 OF 2016

Arrangement of Sections

REPUBLIC OF VANUATU

Assent: 27/06/2016
Commencement: 07/07/2016

STAMP DUTIES (AMENDMENT)
ACT NO. 5 OF 2016

An Act to amend the Stamp Duties Act [CAP 68].

Be it enacted by the President and Parliament as follows-

1. Amendment

The Stamp Duties Act [CAP 68] is amended as set out in the Schedule.

2. Commencement

This Act commences on the day on which it is published in the Gazette.

SCHEDULE

AMENDMENTS OF THE STAMP DUTIES ACT [CAP 68]

1. Section 1 (Definition)

Insert it its correct alphabetical position:

““company” means:

(a) a body corporate that is incorporated, formed or constituted under the Companies Act No. 25 of 2012 or by other laws of Vanuatu or another country; or

(b) an international company incorporated or continued under the International Companies Act [CAP 222];”

2. Section 7

Repeal the section, substitute

“7 Controller to assess duty

(1) If an instrument is lodged with the Controller for assessment of duty, the Controller is to state whether it is liable to duty and if he or she is of the opinion that:

(a) it is not liable to duty, he or she is to have the Controller's seal and the particular stamp on the instrument, denoting that it is not so liable; or

(b) it is liable to duty or penalty duty, he or she is to assess the duty or penalty duty with which it is in his or her opinion chargeable and, on payment of the amount so assessed, is to have the Controller's seal and a particular stamp on the instrument, denoting the amount of duty or penalty duty so paid.

(2) In the case of a transfer of:

(a) a lease instrument - a valuation must be made by the Principal Valuation Officer or his or her delegate and submitted to the Controller to assist the Controller in assessing the duty;

(b) shares in a company which has interest in land in Vanuatu - a valuation must be made by the Principal Valuation Officer or his or her delegate and submitted to the Controller to assist the Controller in assessing the duty.

(3) The Principal Valuation Officer or his or her delegate in providing a valuation under subsection (2) is to provide any other documents as may be requested by the Controller.

(4) The cost of valuation is to be paid by the purchaser unless otherwise agreed by both parties.

(5) For the purpose of this section “Principal Valuation Officer” means the person employed by the Public Service Commission as the Principal Valuation Officer.

(6) The Controller’s assessment of duty under this section is considered as final despite any other provisions in any other Act.”

3. Section 12

Delete “Government”, substitute “Reserve Bank”

4. Subsection 14(2)

Repeal the subsection, substitute

“(2) Subject to section 3 of the Limitations Act [CAP 212], the Controller may take action to recover a deficient duty and penalty duty.”

5. After section 22

Insert

“22A Refund of duty on lease title

A person who has paid duty on the transfer of a lease title that has been registered may not request a refund of monies paid for that duty.”

6. Subsection 23(1)

Delete “12 months”, substitute “3 years”

7. After Subsection 25(1)

Insert

“(1A) Any property equitably transferred or vested for a trust or an international company or a local company to any other person under subsection (1), is to include the interests of beneficiaries of a trust and shares of beneficial owners of an international company or a local company.

(1B) For the purpose of subsection (1A), “beneficial owner” means an individual recognized in equity as the owner of something because the use and title belongs to that person, even though legal title may belong to someone else.”

8. Paragraphs 30(1)(a) and (b) and subsection 39(2)

Delete “3000” (wherever occurring), substitute “5000”

9. At the end of section 34

Add

“(4) A transfer of shares or equitable interest or beneficial ownership in an International Company incorporated under the International Companies Act [CAP 222] or any other Act that is a shareholder in a Vanuatu local company that has:

(a) a dealing in Land; or

(b) a leasehold title; or

(c) a property,

in Vanuatu, cannot be registered, recorded or entered in the books of such corporation, company or society in Vanuatu unless the transfer is duly stamped.”

10. Sections 37

Repeal the section, substitute

“37 Duty not chargeable on certain instruments of a unit trust scheme

Duty is not chargeable on an instrument of transfer of a unit under a unit trust scheme if the scheme:

(a) has no leasehold interest in a land in Vanuatu; and

(b) does not carry on business with any person resident in Vanuatu other than with a company incorporated under the International Companies Act [CAP 222].”

11. Section 38

Repeal the section.

12. Section 50

Repeal the section, substitute

“50 Regulations

(1) The Minister may make Regulations prescribing all matters:

(a) required or permitted by this Act to be prescribed; or

(b) necessary or convenient to be prescribed for the carrying out or giving effect to this Act.”