Papua.
p. 39 · Read in the full issue
Limit Of £100.
Companies’ Stamp Duty In Papua.
THE readiness of the Papuan Admin istration to encourage private enter prise to develop the Territory’s resources was shown at the meeting of the Papuan Legislative Council last month, when the amount of stamp duty payable on the registration of a com pany was limited to £100.
Formerly, the duty payable was on a fixed scale, according to the total nom inal capital registered. A new sugar company, registering a nominal capital running into some hundreds of thou sands of pounds was faced with stamp duty of several hundred pounds.
The Government, recognising that the future development of Papua lies largely in the hands of big corporations, took the commendable step of immedi ately limiting the total payment for stamp duty to £100. A company may now register a nominal capital of any amount in Papua, without being mulcted in more than £100 for stamp duty on its certificate of incorporation.