(1) The liability to pay duty on an instrument arises ¾

(a) when the instrument is first executed; or

(b) if the instrument is a dutiable statement, on the occurrence of the transaction or event to which the statement relates.

(2) The duty is payable within one month after the date of the assessment notice.

(3) Subsection (2) does not apply in a particular case if a provision of a stamp Act specifies that in that particular case duty is payable at, or within, a different time or period.

(4) A taxpayer must pay the duty within the time required by subsection (2) or that other provision.

Penalty: $5 000.

[Section 17A inserted by No. 2 of 2003 s. 9.]