THE PUNJAB FINANCE ACT, 1997

(Pb. Act IX of 1997)

C O N T E N T S

Sections

         1.         Short title, extent and commencement.

         2.         Amendment of Act II of 1899.

         3.         Amendment of Act V of 1958.

         4.         Amendment of Act X of 1958.

         5.         Amendment of Act XIV of 1973.

         6.         Amendment of Act XV of 1977.

         7.         [Repealed].

         8.         [Repealed].

         9.         [Repealed].

 

[1]THE PUNJAB FINANCE ACT 1997

(Pb. Act IX of 1997)

[30 June 1997]

An Act to levy and alter the rates of certain taxes, duties and fees in the Punjab

Preamble.— Whereas it is expedient to levy and alter the rates of certain taxes, duties and fees in the Punjab;

      It is hereby enacted as follows:-

1.   Short title, extent and commencement.— (1) This Act may be called the Punjab Finance Act 1997.

      (2)  It shall extend to the whole of the Punjab.

      (3)  It shall come into force on the first day of July 1997.

2.   Amendment of Act II of 1899.— In the Stamp Act 1899 (II of 1899), in Schedule I, the following amendments shall be made, namely:-

      (1)  In Article 5, after sub-article (cc), the following new sub-article (ccc) shall be added:-

“(ccc)    for collection or recovery of octroi or goods exit tax or tax on transfer of immovable property by a contractor with a Local Council.

Fifty paisa for every one hundred rupees or part thereof of the amount of the contract”.

      (2)  After Article 11, the following new Article 11-A, shall be added:-

            “11-A. AIR TICKETS issued by any Airline—

(i)

for domestic flights;

Twenty five rupees per ticket

(ii)

for international flights.

Two hundred and fifty rupees per ticket”.

      (3)  After Article 12, the following new Articles 12-A and 12-B shall be added:-

“12-A.

BILLS ISSUED BY LUXURY HOTELS AND RESTAURANTS

that is to say bills issued for payments made by customers to hotels and restaurants which are notified by the Government as luxury hotels and restaurants.

Ten rupees for every one hundred rupees or part thereof of the amount of the bill.

12-B.

BILL OF ENTRY EXEMPTION

Milk, medicines, pharmaceutical raw materials, medical equipment, books, pesticides and fertilizers.

Fifty paisa for every one hundred rupees or part thereof of the amount of the bill.”.

      (4)  For Article 31, the following shall be substituted:-

            “31.  EXCHANGE OF PROPERTY—

                     Instrument of—

(a)

when executed in respect of agricultural land;

Two rupees for every one hundred rupees or part thereof of the value of the property of the greatest value

(b)

when executed in respect of immovable property in an urban area as defined in No.23;

Eight rupees for everyone hundred rupees or part thereof of the value of the property of the greatest value

(c)

in any other case.

Five rupees for every one hundred rupees or part thereof of the value of the property of the greatest value.”

      (5)  For Article 37, the following shall be substituted:-

“37.

LETTER OF CREDIT EXEMPTION

Milk, medicines, pharmaceutical raw materials, medical equipment, books, pesticides and fertilizers.

Fifty paisa for every one hundred rupees or part thereof of the amount of the Letter of Credit.”

3.   Amendment of Act V of 1958.— In the Punjab Urban Immovable Property Tax Act 1958 (V of 1958), in Section 4, after clause (h), the following new clause (i) shall be added:-

      “(i)   one self-occupied residential house having an area not exceeding five marlas in a Katchi Abadi notified under the law relating to Katchi Abadis.”

4.   Amendment of Act X of 1958.— In the Punjab Entertainments Duty Act 1958 (X of 1958), in Section 3-A, in serial No.3, in column No.3, for the word “hundred”, the words “two hundred” shall be substituted.

5.   Amendment of Act XIV of 1973.— In the Punjab Finance Act 1973 (XIV of 1973), in the Second Schedule, for the existing serial numbers 6, 7, 8 and 10 and the entries against them, the following shall be substituted:-

 

 

Rupees

“6.

Fee for duplicate certificate on loss or destruction of certificate of registration of a vehicle, other than a transport vehicle, under sub-rule (2) or Rule 37.

                   50.00

7.

Fee for duplicate certificate on loss or destruction of certificate of registration and certificate of fitness of a transport vehicle, under sub-rule (2) of Rule 38.

                 100.00

8.

Fee for duplicate certificate of a defaced or torn certificate of registration and certificate of fitness of a transport vehicle, under sub-rule (2) of Rule 39.

                 100.00

10.

Fee for transfer of ownership of a motor vehicle under sub-rule (1) of Rule 47 shall be charged at the following rates:-

 

 

i)

a motorcycle, a scooter and an invalid carriage or a trailer not having more than two wheels and not weighing more than one ton in unladen weight;

                 100.00

 

ii)

a heavy transport vehicle; and

              2,000.00

 

iii)

any other vehicle.

              1,000.00.”

6.   Amendment of Act XV of 1977.— In the Punjab Finance Act 1977 (XV of 1977), in the Second Schedule, for serial No.1 and the entries against it, the following shall be substituted:-

“Sr. No.

Class of Persons

Rate of Tax Per Annum

1

2

3

1

Companies registered under the Companies Ordinance 1984

1% of the net income tax payable subject to a minimum of Rs.200/-”

7.   [2][* * * * * * * * * * * * *]

8.   [3][* * * * * * * * * * * * *]

9.   [4][* * * * * * * * * * * * *]

 


[1]This Act was passed by the Punjab Assembly on 25th June, 1997; assented to by the Governor of the Punjab on 27th June, 1997; and, was published in the Punjab Gazette (Extraordinary), dated 30th June, 1997, pages 1011 to 1014.

[2]Deleted by the Punjab Finance Ordinance, 2000 (III of 2000), which will remain in force under the Provisional Constitution (Amendment) Order 1999 (9 of 1999), Article 4, notwithstanding the maximum limit of three months prescribed under Article 128 of the Constitution of the Islamic Republic of Pakistan.

[3]Ibid.

[4]Ibid.