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  "title": "PUNJAB FINANCE ACT 2007",
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  "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/VmMBNQs9BTM-",
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  "text": "THE PUNJAB FINANCE ACT, 2007\r\n(IV OF 2007)\r\nCONTENTS\r\n1.Short title and commencement\r\n2.Amendment in the Stamp Act, 1899\r\n3.Amendment of Act XXXIV of 1964\r\nTEXT\r\n1THE PUNJAB FINANCE ACT, 2007\r\n(IV OF 2007)\r\n[30th June, 2007]\r\nAn\r\nAct\r\nto amend the Stamp Act, 1899 and the Punjab Finance Act, 1964.\r\nPreamble.— Whereas it is expedient to amend the Stamp Act, 1899 and the Punjab \r\nFinance Act, 1964;\r\nIt is hereby enacted as follows:-\r\n1. Short title, extent and commencement.— (1) This Act may be cited as the Punjab \r\nFinance Act, 2007.\r\n(2) It shall extend to the whole of the Punjab.\r\n(3) It shall come into force on the first day of July 2007.\r\n2. Amendment in the Stamp Act, 1899 (II of 1899).— In the Stamp Act, 1899 (II of 1899), in \r\nSchedule I,–\r\n(1) in Article 27, under the heading “Proper Stamp-duty”, the words “per annum” shall \r\nbe omitted; and\r\n(2) in Article 49, in clause (b), under the heading “Proper Stamp-duty”, after the word \r\n“payable”, the words “subject to a maximum of one hundred thousand rupees” shall be inserted.\r\n3. Amendment of Act XXXIV of 1964.— In the Punjab Finance Act, 1964 (XXXIV of 1964), \r\nthe Fifth Schedule shall be substituted by the following:-\r\n“FIFTH SCHEDULE\r\n(see Section 13 of the Punjab Finance Act, 1964)\r\n1. In  case  of  energy  supplied  by  a  licensee  to \r\nconsumers of any of the following categories:\r\nElectricity Duty on the amount of the  \r\nvariable  charges  or  the  supply  \r\ncharges  worked  out  according  to \r\nelectricity tariff:\r\n(a) Domestic; 1.5 percent\r\n(b) Commercial; 1.5 percent\r\n(c) Industrial undertakings; 1.0 percent\r\n(d) Tubewells  for  irrigation  and  agricultural \r\nmachinery; and\r\n1.0 percent\r\n(e) Premises where the supply of energy by a  \r\nlicensee is un-metered.\r\n1.5 percent\r\n2. In case of energy not supplied by a licensee to  \r\nconsumers of any of the following categories:\r\nElectricity duty per unit\r\n(i) Domestic; and 5.5 Paisa \r\n(ii) Industrial undertakings. 1.5 Paisa \r\nEXPLANATION-I.– “Electricity tariff” means the schedule of tariff made under section 31(4) \r\nof the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997 and  \r\nnotified by the Federal Government for a licensee.\r\nEXPLANATION-II.– Supply charges and variable charges are sale rate per kilowatt hour  \r\nas a single rate or part of a two part tariff applicable to actual unit consumed by the consumer.\r\nEXPLANATION-III.– Premises  which  are  used  wholly  or  principally  for  manufacturing \r\nprocesses within the meaning of section 2 of the Factories Act, 1934 shall be deemed to be used  \r\nfor an industrial undertaking.”\r\n\r\n1 This Act was passed by the Punjab Assembly on 25 June 2007; assented to by the Governor of the Punjab on 28 June 2007; and, was \r\npublished in the Punjab Gazette (Extraordinary), dated 30 June 2007, pages 5665-66.",
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