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Income Tax (Specific Gains Tax) (Rates) Act 1982

No. 24 of 1982.

Income Tax (Specific Gains Tax) (Rates) Act 1982.
Certified on: / /20 .

INDEPENDENT STATE OF PAPUA NEW GUINEA.

No. 24 of 1982.

Income Tax (Specific Gains Tax) (Rates) Act 1982.

ARRANGEMENT OF SECTIONS.

INDEPENDENT STATE OF PAPUA NEW GUINEA.

AN ACT

entitled

Income Tax (Specific Gains Tax) (Rates) Act 1982,

Being an Act to declare the rates of specific gains tax, to be incorporated and read as one with the Income Tax Act 1959,

Made by the National Parliament to be deemed to have come into operation on 9 November 1982.

1. IMPOSITION OF TAX.

^[1]For the purposes of Division III.14B of the Income Tax Act 1959, the rate of tax payable on specific gains is–

(a) where the specific gains arose out of the sale of shares in a company which was evidenced by a documented transfer on which stamp duty was payable prior to the date of coming into operation of the Income Tax (Specific Gains Tax) (Rates) (Amendment) Act 1983–15%; and

(b) where the specific gains arose out of the sale of shares in a company in any other case–17%.

2. TRANSITIONAL PROVISION.

Where the shares in a company to which Division III.14B of the Income Tax Act 1959 applies are sold prior to the date of coming into operation of the Income Tax (Specific Gains Tax) (Rates) (Amendment) Act 1983, but the transfers have not been duly stamped prior to the date of coming into operation of the Income Tax (Specific Gains Tax) (Rates) (Amendment) Act 1983, such shares shall be deemed to have been sold prior to the date of coming into operation of the Income Tax (Specific Gains Tax) (Rates) (Amendment) Act 1983, if the transfers are presented to the Chief Collector and stamp duty is paid within 14 days of the date of coming into operation of the Income Tax (Specific Gains Tax) (Rates) (Amendment) Act 1983 or within such further period as the Chief Collector considers reasonable.

Office of Legislative Counsel, PNG

1. ^[1]Section 1 repealed and replaced by Income Tax (Specific Gains Tax) (Rates) (Amendment) Act 1983 (No. 23 of 1983).