(1) This Part charges duty on the amount of the premiumpaid in relation to a
contract of insurance that effects general insurance (whether or not it also
effects other kinds of insurance).
(2) The amount of duty is required to be
paid each time a premium is paid in relation to a contract of insurance that
effects general insurance.
Notes :
(1)
"General insurance" is defined in section 230.
(4) Generally, the insurer to whom the
premium is paid is the person liable to pay the duty. But there are
circumstances in which the person insured is liable to pay the duty. These
circumstances are set out in section 236.
(5) To facilitate payment of duty,
insurers must register themselves with the Chief Commissioner, submit a
monthly return showing the total amount of premiumspaid to them for
general insurance during the preceding month and pay the appropriate amount of
duty when submitting the return. The provisions that deal with this are in
Part 3.