Duty on Documents and Transfers Act (Cap. 364), article 3

3. (1) There shall be levied by the Commissioner on account of the Government, the duty specified in this Act in accordance with the provisions contained in this Act. (2) The duty chargeable under this Act shall be applied according to the intrinsic natur e and effects of the transactio n to which it refers even where the a pparent title or form does not correspond to such nature or effect. (3) Where a transaction which reduces or would reduce the amount of duty payable under this Act is artificial or fictitio us or 4 CAP. 364.] DUTY ON DOCUMENTS AND TRANSFERS has not in fact been given effect to, the Commissioner may disregard any such transaction and shall determine the duty in accordance with sub-article (2). (4) Where any person, as a dir ect or indirect result of any scheme of which the sole or main purpose was the obtaining of a ny advantage which has the effect o f avoiding, reducing or postpon ing liability to duty, or of obtaining any refund of duty, has obta ined or is in a position to obtain such an advantage, the Commissioner shall determine the duty in accord ance with sub-article (2). (5) In this article "scheme" includes any disposition, agreement, arrangement, trust, gra nt, covenant, transfer of ass ets, increase in the share capital of a limited liability company an d alienation of property, whatsoever. (6) Notwithstanding the provisions of any other law a promise of sale or of a transfer of immovable property or any real righ t thereon shall not be valid unless notice thereof is given to th e Commissioner within such time and in such manner, and containin g such particulars, as may be prescribed. Such notification shall be accompanied by a provisional p ayment equivalent to twenty per centum of the amount chargeable i n terms of articles 32 and 40: Provided that for the purpose of this sub-article the amount so chargeable shall be deemed provisionally to be the amount determinable by reference to the information available at the t ime of the conclusion of the promise of sale or of a transfer and s hall not in any way be construed as r elevant to the determination of the actual amount chargeable on the document of transfer in accordance with the other provisions of this Act and rules prescribed under this Act. (7) Corrections and copies of the promise of sale shall be subject to fees in accord ance with the Schedule. Documents subject to duty. Substituted by: I. 2010.33.