STAMP DUTY.

Thames Star, Volume LVII, Issue 16073, 7 April 1924, Page 7

STAMP DUTY.

NEW CHEQUE FORMS

Hie stamp which is impressed on hank cheques, as issued by the various banks carrying on business in ,\ew Zealand, will snortly be a tiling o i the past. Within the next few weeks cheques will be issued bearing the phrase “Stamp Duty Paid” on the right-hand-side, in the position where the present impression stamp is placed. Under the Stamp Duties Act, 1923, provision was made for exempting cheques issued by banks from ordinary duty, in consideration of a payment by the banks commentation of that duty. This means that the duty will sill be paid bv the purchaser of the cheque book when be applies for it at the bank counter, but, instead of the bank paying the duty in advance as previously the duty will now be paid to the user.

The new regulation will not affect cheques printed by private companies, and these will still have to be forwarded to the Stamping Office to be impressed, as a control over their issue is exercised by the banks. The change will not affect bank customers in the slightest. They will still pay the duty when a cheque book is bought, but the new regulations will obviate the necessity of sending cheque-boolcs i,s<(uedr' - by the bank client.

The change will also lessen the work of the officials of the Stamp Office in Wellington, as instead of having to stamp every cheque, only cheques printed and issued by companies will now be stamped. The duty will he paid quarterly by the banks, which will submit a return of the chequebooks sold and the dutv collected.