A hundred years ago February 14, 1919. Archives

Death Duty in Ceylon.

A Colombo message dated February 9 says: The much debated Bill, which had for its object increasing of revenue from duty on estates of deceased persons has been redrafted and appears in yesterday’s Gazette. The only duty which is under the existing law payable after the death of a person is the probate duty under the Stamps Ordinance Bill recently introduced in the Legislative Council, which increased the rate of probate duty. It was referred to a Select Committee and the Committee came to the conclusion that it would be advisable to bring the local law uptodate. The present Bill is based on the Finance Act 1894 of the Imperial Parliament as amended by series of other Acts. The important section of the Bill lays down the manner in which the value of an estate is to be arrived at. The value to be estimated by the Commissioner of Stamps is to be the price which it would fetch in the open market, subject to the deduction of reasonable funeral expense, bona-fide debts, and other items set out in the section. Provision is also made for an appeal from any decision of the Commissioner of Stamps to a District Court, in order to ensure that the find out of which payment of the estate duty is to be made is not dissipated before payment. Provision is made to impose a charge on property passing on a death; estate duty is therefore made a first charge on such property and the persons by whom the duty is to be paid are mentioned.

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Printable version | Aug 12, 2020 7:49:19 AM | https://www.thehindu.com/archives/death-duty-in-ceylon/article26261500.ece

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