May 24, 1930 (16th Parliament, 4th Session)

LIB

John Frederick Johnston (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The CHAIRMAN:

This resolution was
before the committee this morning. We are now considering section 4.
On section 4:
4. That section fifty-eight, as enacted by chapter fifty-seven of the statutes of 1929, sections fifty-nine, sixty, sixty-one, sixty-two and sixty-three be repealed and provision made that there shall be imposed, levied and collected upon every change of ownership consequent upon the sale, transfer or assignment of any share of stock of any association, company' or corporation, or any bond, debenture or debenture stock other than a bond, debenture or stock of the Dominion of Canada or of any province of Canada, an excise tax as follows:
(a) Three cents for every one hundred dollars or fraction thereof, of the par value of a bond, debenture or debenture stock;
(b) Five cents for every share of stock sold or transferred at a price over one hundred and fifty dollars per share;
(c) Four cents for every share of stock sold or transferred at a price over seventy-five dollars per share but not more than one hundred and fifty dollars per share;
(d) Three cents for every share of stock sold or transferred at a price over fifty dollars per share but not more than seventy-five dollars per share;
(e) Two cents for every share of stock sold or transfered at a price over twenty-five dollars per share but not more than fifty dollars per share;
(f) One cent for every share of stock sold or transferred at a price over five dollars per share but not more than twenty-five dollars per share;
(g) One-quarter of one cent for every share of stock sold or transferred at a price of one dollar to five dollars per share, but not more than five dollars per share;
(h) One-tenth of one per cent of the value of every share of stock sold or transferred at a price less than one dollar per share;
that the said tax shall be payable in excise tax stamps by the vendor, transferor or assignor;
that every person liable to collect or pay the said tax shall keep records and books of account;
and that any enactment founded on this paragraph four shall come into force on the first day of July, one thousand nine hundred and thirty.

Topic:   WAYS AND MEANS
Subtopic:   SPECIAL WAE REVENUE ACT
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