JIS News

Effective September 1, 2003 arrangements entered into by credit unions, no longer have to be submitted to the stamp office for exemption notations to be placed on the relevant documents.
Minister of Development, Dr. Paul Robertson, made this announcement today (Sept. 2) at a press briefing on the work and progress of the Regulations, Legislation and Process Improvement Project (Regs and Legs) being implemented by his Ministry.
He explained that documents substantiating agreements between credit unions and their members, requiring registration at agencies such as the Registrar of Titles, the Registrar of Companies and Registrar-General’s Department, would now be submitted directly to the respective agencies for registration. By law, credit unions are exempt from the payment of stamp duties.
A similar arrangement has also been agreed to with licensed financial services institutions. Under this arrangement, these institutions will no longer submit documents to the stamp office for assessment and stamping. The institutions will now calculate the stamp duties applicable to documents evidencing loans to be granted to customers and remit the required duties to the Commissioner at the end of each month. The financial services institutions will sign the required agreements with the Commissioner during this month.
“The result of these arrangements will be a substantial reduction in the number of documents submitted to the stamp office, thereby allowing for a more expeditious processing of those documents which must be submitted to that office,” Dr. Robertson said, pointing out that benefits to the credit unions and financial services institutions would include a shorter documentation registration period with the elimination of one step in the process. This, he added would facilitate a shorter period from loan applications to loan disbursements.

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