Currently, stamp duty is levied on a variety of instruments specified in the First Schedule to the Stamp Duties Act. The last major review of stamp duties was undertaken in 1980 at which time the number of articles in the First Schedule was reduced from 68 to 47. To further reduce costs and inconvenience to businesses and members of the public, I have decided that the stamp duty on a further 13 types of instruments will be abolished. The rates of the stamp duties that are retained will be streamlined. This will take immediate effect. The estimated revenue loss for these changes is $6 million. Details are set forth in Annex V.