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  "title": "PUNJAB FINANCE ACT 1998",
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  "text": "THE PUNJAB FINANCE ACT 1998 \r\n(VII of 1998) \r\nCONTENTS \r\n1. Short title, extent and commencement \r\n2. Amendment of Act II of 1899 \r\n3. Amendment of Act V of 1958 \r\n4. Amendment of Act XXXII of 1958 \r\n5. Amendment of Act XIV of 1973 \r\n6. Amendment of Act XV of 1977 \r\n7. Amendment of Ordinance VI of 1980 \r\n8. [Repealed]  \r\n9. [Repealed]  \r\n \r\n \r\nTEXT \r\n1\r\nTHE PUNJAB FINANCE ACT 1998 \r\n(VII of 1998) \r\n[30th June, 1998] \r\nAn \r\nAct \r\nto levy and enhance the rates of certain taxes, duties and fees in the Punjab. \r\nPreamble.– Whereas, it is expedient to levy and enhance the rates of c ertain taxes, \r\nduties and fees in the Punjab; \r\n It is hereby enacted as follows:– \r\n1. Short title, extent and commencement .– (1) This Act may be called the \r\nPunjab Finance Act 1998. \r\n (2) It shall extend to whole of the Punjab. \r\n (3) It shall come into force on and from the first day of July 1998. \r\n2. Amendment of Act II of 1899 .– In the Stamp Act, 1899 (II of 1899), in \r\nSchedule I– \r\n (1) in Article 4, for the word “ten”, the word “twenty” shall be substituted; \r\n (2) in Article 5– \r\n(i) in sub-article (cc), for the wor d “fifty”, the words “one hundred” \r\nshall be substituted; and \r\n(ii) in sub-article (d), for the word “twenty”, the word “fifty” shall be \r\nsubstituted; \r\n (3) after Article 11-A, the following Article 11-B shall be added– \r\n“11-B. AUTHENTICATED DECLARATIONS that is to \r\nsay declarations of newspapers, periodicals or printing \r\npresses authenticated by a legally competent \r\nauthority. \r\nFive thousand \r\nrupees per \r\nDeclaration. \r\nExplanation I.– The duty shall be paid by the declarant. \r\nExplanation II.– The declaration shall not be authenticated unless the duty is paid.”; \r\n (4) in Article 48– \r\n(i) in sub -article (a), for the words “one hundred”, the words “five \r\nhundred” shall be substituted; and \r\n                                                           \r\n1This Act was passed by the Punjab Asse mbly on 25th June, 1998; assented to by the Governor of the Punjab on 30th June, \r\n1998; and, was published in the Punjab Gazette (Extraordinary), dated 30th June, 1998, pages 1577-1580. \r\n(ii) after sub-article (b), the following new sub-article (bb) shall be \r\nadded– \r\n“(bb) when given without consideration for \r\nauthorising the attorney to sell any \r\nimmovable property. \r\nOne thousand \r\nrupees.”; \r\n (5) in Article 53, the following sub-article (d) shall be added– \r\n“(d) when issued by a courier service (i.e. any private \r\nestablishment engag ed in the business of \r\ntransmitting or carrying for consideration letters, \r\nparcels or other such materials from one place to \r\nanother) for payment made to it by the consignor \r\nfor transmitting any material or object. \r\nFive percent of \r\nthe amount \r\nreceived by the \r\ncourier \r\nservice.”; and \r\n (6) after Article 63, the following new Article 63-A shall be added– \r\n“63-A. TRANSFER OF PROPRIETARY RIGHTS  \r\nthat is to say proprietary rights transferred by any \r\nDevelopment Authority or any Housing Authority or \r\nany Cooperative Soci ety, and every instrument by \r\nwhich the property of such Authority/ Society is \r\ntransferred. \r\nThe same duty \r\nas leviable on \r\nConveyance \r\n[No.23(b)].” \r\n3. Amendment of Act V of 1958 .– In the Punjab Urban Immovable Property \r\nTax Act, 1958 (V of 1958)– \r\n (1) in section 3, for sub-section (8), the following shall be substituted– \r\n“(8) From the first day of July, 1998 for calculating tax on owner \r\noccupied properties the annual value shall be increased by \r\ntwenty five percent of the annual value existing on the said day.”; \r\n (2) in section 4– \r\n  (1) for clauses (d) and (e), the following shall be substituted– \r\n“(d) buildings and lands or portions thereof used exclusively for \r\neducational purposes including schools, boarding houses \r\nand hostels owned by the Government or by a bod y \r\nowned or controlled by the Government; \r\n(e) public parks, playgrounds and libraries;”; \r\n  (2) for sub-section (gg), the following shall be substituted– \r\n“(gg) one residential house owned and occupied for his \r\nresidence by a retired Government Servant of the \r\nFederation or a Province;”; and \r\n(3) clause (h) shall be omitted; \r\n (3) after section 5, the following new section 5-A shall be added– \r\n“5-A. Valuation Tables to Ascertain Annual Value .– \r\nNotwithstanding the provisions of section 5, the annual value may be \r\ndetermined on the basis of such valuation tables and for such localities \r\nas may be notified by or under the authority of the Government.”; and \r\n(4) in section 7, in sub -section (1), in proviso (a), for the words “one year”, \r\nthe words “three years” shall be substituted. \r\n4. Amendment of Act XXXII of 1958 .– In the Punjab Motor Vehicles Taxation \r\nAct, 1958 (XXXII of 1958), in the Schedule– \r\n (1) in serial number 2– \r\n(a) for the figures “1240”, “2440”, “3680” and “5000”, the figures \r\n“1500”, “2800”, “4200” and “6000” shall respectively be substituted; \r\nand \r\n(b) after the existing clause (g), the following new clause (h) shall \r\nbe added– \r\n“(h) vehicles with long trailers or other vehicles with \r\nmaximum laden capacity exceeding 16000 Kg. \r\nRs. \r\n7500/-.”; \r\n (2) in serial number 3, for sub -clause (d) (iii), the following shall be \r\nsubstituted– \r\n“(iii) more than 6 persons– \r\n(1) non-air-conditioned.  Rs. 168/- per seat \r\n(2) air-conditioned  Rs. 300/- per seat.”; and \r\n(3) in serial number 4– \r\n(a) for the figures “250”, “700” and “1200”, the figures \r\n“500”, “1000” and “1800” shall respectively be \r\nsubstituted; and \r\n(b) for sub-clause (iv) and clause (c), the following \r\nshall be substituted– \r\n“(iv) with engine power exceeding 1600 cc– \r\n(1) ordinary vehicles. Rs. \r\n2,500/- \r\n(2) luxury vehicles as defined \r\nunder section 7 of the \r\nPunjab Finance Act 1997. \r\nRs. \r\n5,000/- \r\n(c) seating capacity of more than 6 persons– \r\n(1) ordinary vehicles. Rs. 300/- \r\nper seat \r\n(2) luxury vehicles as defined under \r\nsection 7 of the Punjab Finance \r\nAct 1997. \r\nRs.5,000/-\r\n.” \r\n5. Amendment of Act XIV of 1973 .– In the Punjab Finance Act, 1973 (XIV of \r\n1973) in the Second Schedule - \r\n (1) in serial number 1– \r\n(a) for the figures “30” in sub-serial (i), “30” in sub-serial (iii), “100” in sub-\r\nserial (iv) , “50”, “60”, “50”, “60” and “40” in sub-serial (xii), the figures \r\n“50” in sub-serial (i), “50” in sub-serial (iii), “150” in sub-serial (iv), \r\n“150”, “200”, “150”, “200” and “50” in sub-serial (xii) shall respectively \r\nbe substituted; and  \r\n(b) after sub -serial number (xii), the following new sub -serial \r\nnumber (xii-a) shall be added– \r\n“(xii-a) Tractor Commercial  Rs. 100”; \r\n(2) in serial number 2– \r\n(a) for the figures “100” in sub -serial (iv), “80”, “100” in sub -serial \r\n(vii) and “40” in sub-serial (ix), the figures “150” in sub-serial (iv), \r\n“150”, “200” i n sub -serial (vii), and “50” in sub -serial (ix) shall \r\nrespectively be substituted; and  \r\n(b) after sub -serial number (xii), the following new sub -serial \r\nnumber (xii-a) shall be added- \r\n“(xii-a) Tractor Commercial  Rs. 100”; and \r\n(3) in serial number 9, in the proviso– \r\n(a) the following clause (i) shall be added– \r\n“(i) private cars, jeeps, station wagons and pick ups with \r\nengine power exceeding 1300 cc meant for purposes other than \r\ncommercial shall be charged at the rate of two percent of the \r\nvalue of the vehicle;”; and \r\n(b) the existing clauses (i), (ii) and (iii) shall be renumbered as (ii), \r\n(iii) and (iv) respectively.” \r\n6. Amendment of Act XV of 1977 .– In the Punjab Finance Act, 1977 (XV of \r\n1977) in the Second Schedule, the following serial number 1-A, 9, 10 and 11 shall be \r\nadded– \r\n“S.No. \r\n \r\nClass of Person Rate of tax \r\nper annum \r\n1-A Companies registered under the Companies \r\nOrdinance 1984, but not paying income tax and \r\nworking with a paid up capital– \r\n \r\n (i) exceeding rupees one million but not \r\nexceeding rupees ten million; \r\nRs.2,000.00 \r\n (ii) exceeding rupees ten million but not \r\nexceeding rupees fifty million; \r\nRs.5,000.00 \r\n (iii) exceeding rupees fifty million. Rs.10,000.00 \r\n9. Prize Bond dealers and money changers.  Rs.5,000.00 \r\n10. Car dealers, Jewelers, Electronic goods dealers, \r\nowners of general stores selling cosmetics \r\nRs.1,000.00 \r\nexclusively or with other goods. \r\n11. Member of a Stock Exchange Rs.5,000.00” \r\n7. Amendment of Ordinance VI of 1980 .– In the Punjab Real Estate Agents \r\nand Motor Vehicles Dealers (Regulation of Business) Ordinance, 1980 (VI of 1980)– \r\n (1) in section 5, in sub-section (1), the proviso shall be omitted; \r\n (2) in section 6, in sub- section (2), the proviso shall be omitted; and \r\n (3) after section 9, the following new section 9-A shall be added– \r\n“9-A. Recovery of dues.– Any amount due under this Ordinance shall \r\nbe recoverable as arrears of land revenue.” \r\n2\r\n[8. Tax on mobile phone services.– *  *  *  *  *  *  *  *  *  ] \r\n3\r\n[9. Tax on Luxury Clubs.–*  * *  *  *  *  *  *  *  *  *   ] \r\n                                                           \r\n2Deleted by the Punjab Finance Ordinance, 2000 (III of 2000), w.e.f.1.7.2000, s.13 ; and published in the Punjab Gazette \r\n(Extraordinary), dated 30.6.2000, pages 587 -595, which will remain in force under the Provisional Constitution (Amendment) \r\nOrder 1999 (9 of 1999), Article 4, notwithstanding the maximum limit of three months prescribed under Article 128 of the \r\nConstitution of the Islamic Republic of Pakistan. \r\n3Deleted by the Punjab Finance Ordinance, 2000 (III of 2000),w.e.f.1.7.2000, s. 13; and published in the Punjab Gazette \r\n(Extraordinary), dated 30.6.2000, pages 587 -595, which will remain in force under the Provisional Constitution (Amendment) \r\nOrder 1999 (9 of 1999), Article 4, notwithstanding the maximum limit of three months prescribed under Article 128 of the \r\nConstitution of the Islamic Republic of Pakistan.",
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