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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