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  "title": "PUNJAB FINANCE ACT, 1997",
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  "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/V2JUZlZmUGI-",
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  "text": "THE PUNJAB FINANCE ACT, 1997 \r\n(IX of 1997) \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 X of 1958 \r\n5. Amendment of Act XIV of 1973 \r\n6. Amendment of Act XV of 1977 \r\n7. Repealed \r\n8. Repealed  \r\n9. Repealed  \r\n \r\nTEXT \r\n1\r\nTHE PUNJAB FINANCE ACT 1997 \r\n(IX of 1997) \r\n[1st July, 1997] \r\nAn \r\nAct \r\nto levy and alter the rates of certain taxes, duties and fees in the Punjab. \r\nPreamble.– Whereas it is expedient to levy and alter the rates of certain 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 1997. \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 1997. \r\n2. Amendment of Act II of 1899.– In the Stamp Act 1899 (II of 1899), in Schedule \r\nI, the following amendments shall be made, namely:– \r\n(1) In Article 5, after sub -article (cc), the following new sub -article (ccc) \r\nshall be added:– \r\n“(ccc) for collection or recovery of octroi \r\nor goods exit tax or tax on transfer \r\nof immovable property by a \r\ncontractor with a Local Council. \r\nFifty paisa for every one \r\nhundred rupees or part thereof \r\nof the amount of the contract”. \r\n (2) After Article 11, the following new Article 11-A, shall be added:– \r\n “11-A. AIR TICKETS issued by any Airline– \r\n(i) for domestic flights; Twenty five rupees per \r\nticket \r\n(ii) for international flights. Two hundred and fifty \r\nrupees per ticket”. \r\n(3) After Article 12, the following new Articles 12 -A and 12 -B shall b e \r\nadded:- \r\n“12-\r\nA. \r\nBILLS ISSUED BY LUXURY HOTELS AND \r\nRESTAURANTS \r\nTen rupees for \r\nevery one \r\nhundred rupe es \r\n                                                           \r\n1This Act was passed by the Punjab Assembly on 25th June, 1997; assented to by the Governor of the Punjab on 27th June, \r\n1997; and, was published in the Punjab Gazette (Extraordinary), dated 30th June, 1997, pages 1011 to 1014. \r\nthat is to say bills issued for payments made \r\nby customers to hotels and restaurants which \r\nare notified by the Government as luxury \r\nhotels and restaurants. \r\nor part thereof of \r\nthe amount of \r\nthe bill. \r\n12-\r\nB. \r\nBILL OF ENTRY.  \r\nEXEMPTION \r\nMilk, medicines, pharmaceutical raw \r\nmaterials, medical equipment, books, \r\npesticides and fertilizers. \r\nFifty paisa for \r\nevery one \r\nhundred rupees \r\nor part thereof of \r\nthe amount of \r\nthe bill.” \r\n (4) For Article 31, the following shall be substituted:– \r\n “31. EXCHANGE OF PROPERTY– \r\nInstrument of– \r\n(a) when executed in \r\nrespect of \r\nagricultural land; \r\nTwo rupees for every one \r\nhundred rupees or part \r\nthereof of the value of the \r\nproperty of the greatest value \r\n(b) when executed in \r\nrespect of immovable \r\nproperty in an urban \r\narea as defined in \r\nNo.23; \r\nEight rupees for everyone \r\nhundred rupees or part \r\nthereof of the value of the \r\nproperty of the greatest value \r\n(c) in any other case. Five rupees for every  one \r\nhundred rupees or part thereof \r\nof the value of the property of \r\nthe greatest value.” \r\n (5) For Article 37, the following shall be substituted:– \r\n“37. LETTER OF CREDIT. \r\nEXEMPTION \r\nMilk, medicines, pharmaceutical raw \r\nmaterials, medical equipment, books, \r\npesticides and fertilizers. \r\nFifty paisa for every \r\none hundred rupees \r\nor part thereof of the \r\namount of the Letter \r\nof Credit.” \r\n3. Amendment of Act V of 1958 .– In the Punjab Urban Immovable Property \r\nTax Act 1958 (V of 1958), in Section 4, after clause (h), the  following new clause (i) \r\nshall be added:– \r\n“(i) one self-occupied residential house having an area not exceeding five \r\nmarlas in a Katchi Abadi notified under the law relating to Katchi \r\nAbadis.” \r\n4. Amendment of Act X of 1958.– In the Punjab Entertainments Duty Act 1958 (X \r\nof 1958), in Section 3 -A, in serial No.3, in column No.3, for the word “hundred”, the \r\nwords “two hundred” shall be substituted. \r\n5. Amendment of Act XIV of 1973 .– In the Punjab Finance Act 1973 (XIV of \r\n1973), in the Second Schedule, for the existing serial numbers 6, 7, 8 and 10 and the \r\nentries against them, the following shall be substituted:– \r\n“6. Fee for duplicate certificate on loss or destruction of \r\ncertificate of registration of a vehicle, other than a \r\ntransport vehicle, under sub-rule (2) or Rule 37. \r\nRs. 50.00 \r\n7. Fee for duplicate certificate on loss or destruction of \r\ncertificate of registration and certificate of fitness of a \r\ntransport vehicle, under sub-rule (2) of Rule 38. \r\nRs. 100.00 \r\n8. Fee for duplicate certificate of a defaced or torn \r\ncertificate of registration and certificate of fitness of a \r\ntransport vehicle, under sub-rule (2) of Rule 39. \r\nRs. 100.00 \r\n10. Fee for transfer of ownership of a motor vehicle under \r\nsub-rule (1) of Rule 47 shall be charged at the following \r\nrates:– \r\n (i) a motorcycle, a scooter and an invalid carriage or a \r\ntrailer not having more than two wheels and not \r\nweighing more than one ton in unladen weight; \r\nRs. 100.00 \r\n (ii) a heavy transport vehicle; and Rs. 2,000.00 \r\n (iii) any other vehicle. Rs. 1,000.0” \r\n6. Amendment of Act XV of 1977 .– In the Punjab Finance Act 1977 (XV of \r\n1977), in the Second Schedule, for serial No.1 and the entries against it, the \r\nfollowing shall be substituted:– \r\n“Sr. \r\nNo. \r\nClass of Persons Rate of Tax Per \r\nAnnum \r\n1 2 3 \r\n1 Companies registere d under the Companies \r\nOrdinance 1984 \r\n1% of the net income \r\ntax payable subject to a \r\nminimum of Rs.200/-.” \r\n2\r\n[7. Tax On Luxury Vehicles.– *  *  *  *  *  *  *  * ] \r\n3\r\n[8. Tax On Luxury Houses.– *  *  *  *  *  *  *  * ] \r\n                                                           \r\n2Deleted by the Punjab Finance O rdinance, 2000 (III of 2000), w.e.f. 1.7.2000, s.1 2; 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, notwithst anding 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.1 2; 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\n4\r\n[9. Cess On Educational Institutions.– *  *  *  *  *  *  * ] \r\n                                                           \r\n4Deleted by the Punjab Finance Ordinance, 2000 (III of 2000), w.e.f. 1.7.2000, s.1 2; and published in the Punjab Gazette \r\n(Extraordinary), dated 30.6.2000, pages 587 -595, which will remain in force under the Provisional Constit ution (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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