STAMP DUTY

Hokitika Guardian, 24 August 1929, Page 2

STAMP DUTY

WITHDRAWAL SLIPS AS

RJIA/EJLP'rS,

POSITION OF PRIVATE SAYINGS BAiNKs.

WELLINGTON, Aug. 21

A statement that in future all withdrawal at private Savings. Banns for amounts of £2 and over should have a 2d stamp affixed, was reierred to Uie Minister for Finance (bir Joseph \vaid) in an urgent question asaea in the Mouse .to-day by Mr S. G. Smith, Government member 'for fsew jtdymo,uth. If carried into" efteqt the proposal would in the majority or cases inflict a special tax on children and thrifty workers who made use of private Savings Banks, said Mr Smith; who asked the Minister to have the matter investigated with a view to having the proposal not proceeded with. . “The withdrawal form in use by most of the Savings; Banks is in the form either of a. cheque or receipt, each of which, documents is, of course, liable to the stamp duty of 2d,” replied Sir Joseph Ward. “A withdrawal form tnat is not in effect a cheque or a receipt is not liable to stamp duty.-11 .is understood that it has nor been the practice of all Savings Banks to require withdrawal forms in the form of Receipts or cheques to be stamped, but the Stamp Duties Department was recently asked to! advise whether a particular form in use was not liable to stamp, duty as a receipt, with a v

that :; all; of the . Savings Banks have now been 'UdVised that . withdrawal forms that are in effect receipts or cheques ought to be stamped. However, I will look into the matter further and give a reply in the course of a day or two. '