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  "title": "Import of Goods (Price Equalization Surcharge) Act, 1967",
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  "text": "Page 1 of 4 \r\n \r\n  \r\n \r\n \r\n \r\nTHE IMPORT OF GOODS (PRICE EQUALIZATION \r\nSURCHARGE) ACT, 1967 \r\n \r\n \r\n \r\nCONTENTS \r\n \r\n1. Short title, extent and commencement \r\n2. Definitions \r\n3. Levy of price equalization surcharge \r\n3A. Power to authorize repayment of surcharge \r\n4. Determination of highest landed cost \r\n5. Procedure for collection of price equalization surcharge \r\n6. Power to make rules \r\n6A. Power to amend Schedule \r\n7. [Omitted]  \r\n \r\n\r\n \r\nPage 2 of 4 \r\n \r\nTHE IMPORT OF GOODS (PRICE EQUALIZATION SURCHARGE) ACT, 1967 \r\nACT No. III OF 1967 \r\n[3rd June, 1967] \r\nAn Act to levy an additional duty for equalization of prices of certain imported goods. \r\n Whereas it is expedient to levy an additional duty for equalization of prices of certain goods \r\nimported at different prices under different conditions and from different countries and to provide for \r\nmatters ancillary thereto; \r\n It is hereby enacted as follows: ___  \r\n 1. Short title, extent and commencement.  ___(1) This Act may be called the Import of \r\nGoods (Price Equalization Surcharge) Act, 1967.  \r\n (2) It extends to the whole of Pakistan. \r\n (3) It shall come into force at once. \r\n  2. Definitions. ___In this Act, unless there is anything repugnant in the subject or context,__ \r\n(a)  “highest rate ”, in relation to any specified goods imported in any shipping \r\nperiod, means the highest rate of landed cost declared in relation to such goods \r\nunder sub-section (1) of section 4; \r\n(b)  “landed cost”, in relation to any specified goods, means the aggregate of the \r\nc.i.f. value, duties, taxes, fees and other charges payable on or for the im port \r\nof such goods into Pakistan; \r\n(c)  “price equalization surcharge ” means the additional duty levied under section \r\n3; \r\n 1[ (d)  ‘shipping period ’ means the period beginning on the first day of J uly and \r\nending on the thirtieth day of June or  such other period as the Federal \r\nGovernment may, from time to time, by notification in the official Gazette, \r\ndeclare to be a shipping period for the purposes of this Act:  \r\n Provided that, in the case of a notification issued under sub -section (I) of section 4 which \r\ndeclares the highest rate of landed cost in relation to any specified goods imported in any shipping \r\nperiod following a date mentioned in the notification, the shipping period shall be deemed to be the \r\nperiod beginning on the date so mentioned and ending on th e date specified in any subsequent \r\nnotification as the beginning of a new shipping period in relation to such goods.]   \r\n (e)  ‘specified goods ’ means such of the goods specified in the Schedule as the \r\n1[Federal Government] may, by notification in the offic ial Gazette, declare to \r\nbe the goods which shall be subject to the levy of the price equalization \r\nsurcharge. \r\n \r\n1Subs. by Act No. XXIX of 1975, ss. 2-3. \r\n \r\nPage 3 of 4 \r\n \r\n 3. Levy of price equalization surcharge .___There shall be levied on the specified goods \r\nimported in any shipping period into Pakistan after the 22nd  day of April , 1966, or, if the 1[Federal \r\nGovernment] in respect of any specified goods by order so directs, after such later date as may be \r\nspecified therein, whose rate of landed cost is lower than the highest  rate, an additional duty as price \r\nequalization surcharge at the rate by which the rate of the landed cost of such goods falls short of  the \r\nhighest rate.  \r\n  2[3A. Power to authorize repayment of surcharge. ___Subject to such conditions, \r\nlimitations or rest rictions as it may think fit to impose, the 1[Federal Government] may, in such \r\ngeneral cases as it may prescribed by rule s or in particular cases by special order, authorise the \r\nrepayment in whole  or in part of the price equalis ation surcharge paid on the importation of any \r\ngoods of such classes or description s as may be prescribed in the rules or specified in the special \r\norder, as the case may be.] \r\n 4. Determination of highest landed cost.  ___(1) The 1[Federal Government] shall determine \r\nand, by notification in the official Gazette, declare, in relation to every specified goods imported in \r\nany shipping period, the highest rate of landed cost of such goods. \r\n  (2) For the purpose of determining the highest rate, every importer of specified goods shall \r\nfurnish at such time such papers, documents or information relating to the import of such goods, as \r\nthe 1[Federal Government] may direct. \r\n (3) Whoever fails or neglects to comply with any direction under sub -section (2) shall be \r\ndeemed to have contravened the pr ovisions of the Imports and Exports (Control) Act, 1950  (XXXIX \r\nof 1950), and shall be punishable under section 5 of that Act. \r\n 5. Procedure for collection of price equalization surcharge. ___Subject to 3[rules made \r\nunder this Act, if any] the price equaliza tion surcharge shall be collected in the same manner as 4[a \r\nduty] payable under the 4[Customs Act, 1969 (IV of 1969) ] is collected and the provisions of the \r\n4[said Act] shall, so far as may be, apply to the levy 2[, collection and repayment] of such surcharge. \r\n 6. Power to make rules. ___(1) The 1[Federal Government] may make rules for carrying out \r\nthe purposes of this Act. \r\n  (2) In particular and without prejudice to the generality of the foregoing power, such rules \r\nmay provide for__ \r\n(a)  the    3[*]  2[, collection and repayment] of the price equalization surcharge; \r\n(b)  the delivery of goods on the giving of security for payment of such surcharge \r\nor on any other conditions; \r\n(c)  the manner of payment 2[and repayment] of such surcharge; and \r\n(d)  such other matters as may be necessary for carrying out the purposes of this \r\nAct. \r\n \r\n \r\n \r\n1Subs. by Act No. XXIX of 1975, s. 2. \r\n2Ins. and subs. by the Finance Act No. XI of 1968, s. 12. \r\n3Subs. and omitted by Act No. XLIV of 1974, ss. 2-3. \r\n4Subs. by the Federal Laws (Revision and Declaration) Ordinance No. XXVII of 1981, Sch. II. \r\n \r\nPage 4 of 4 \r\n \r\n 1[6A. Power to amend Schedule. ___The 2[Federal Government] may, by notification in the \r\nofficial Gazette, make any addition to or omission from the list of goods specified in the Schedule.]  \r\n 7. 3[Omitted] \r\n_________ \r\nSCHEDULE \r\n 4[* * *] \r\n5. Galvanized plain sheets.  \r\n6. G.C. Sheets.  \r\n7. M.S. Plates.  \r\n8.  M.S. Sheets.  \r\n9. Cement. \r\n       4[* * *]   \r\n12. Raw material requirements of the industrial units of the following sectors, \r\nnamely: ___ \r\n(a) Steel and non-ferrous casting, \r\n(b) Steel construction,  \r\n(c) Electrical equipment,  \r\n(d) Diesel engine, and  \r\n(e) Tube-well and pumping equipment. \r\n 4[* * *]  \r\n5[15. Synthetic Rubber]. \r\n 4[* * *]  \r\n6[18. Sulphur.] \r\n19. 4[* * *]  \r\n7[20. Tallow.] \r\n 4[* * *]   \r\n________________ \r\nRGN Date: 29-05-2024 \r\n1Ins. by the Finance Act No. XI of 1968, s.12.  \r\n2Subs. by Act No. XXIX of 1975, s.2. \r\n3Omitted by the Federal Laws (Revision and Declaration) Ordinance No. XXVII of 1981, sch. II. \r\n4Omitted by S.R.O. 1033 (I) / 74 dated 8th July, 1974. \r\n5Added by S.R.O. 157 (I) 169, see Gaz. of p., 1969, Ext., (Islamabad),p.577.  \r\n6Added by S.R.O. 198 (I) / 69. \r\n7Added by S.R.O. 151 (I)/71, dated 6-5-71, see Gaz. cl.p., 1971, Ext., p.465.",
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