Updated: Thursday February 20, 2014/AlKhamis Rabi' Thani 20, 1435/Bruhaspathivara Phalguna 01, 1935, at 02:28:45 PM
The Import of Goods (Price Equalization Surcharge) Act, 1967
ACT III OF 1967
An Act to levy an additional duty for equalization of prices of certain imported goods
The following Act of the National Assembly received the assent of the President on the 3rd June 1967, and is hereby published for general information:---
Whereas it is expedient to levy an additional duty for equalization of prices of certain goods imported at different prices under different conditions and from different countries and to provide for matters ancillary thereto;
It is hereby enacted as follows:‑--
1. Short title, extent and commencement.‑(1) This Act may be called the Import of Goods (Price Equalization Surcharge) Act, 1967.
(2) It extends to the whole of
(3) It shall come into force at once.
2. Definitions.‑1n this Act, unless there is anything repugnant in the subject or context,‑--
(a) "highest rate", in relation to any specified goods imported in any shipping period, means the highest rate of landed cost declared in relation to such goods under subsection (1) of section 4;
(b) "landed cost", in relation to any specified goods, means the aggregate of the c.i.f. value, duties, taxes, fees and other charges payable on or for the import of such goods into Pakistan;
(c) "price equalization surcharge" means the additional duty levied under section 3;
(d) "shipping period" means a period beginning on the first day of January and ending on the thirtieth day of June, or a period beginning on the first day of July and ending on thirty‑first day of December, each year or such other period as the Central Government may, from time to time, by notification in the official Gazette, declare to be a shipping period for the purposes of this Act; and
(e) "specified goods" means such of the goods specified in the Schedule as the Central Government may, by notification in the official Gazette, declare to be the goods which shall be subject to the levy of the price equalization surcharge.
3. Levy of price equalization surcharge. There shall be levied on the specified goods imported in any shipping period into Pakistan after the 22nd day of April 1966, or, if the Central Government in respect of any specified goods by order so directs, after such later date as may be specified therein, whose rate of landed cost is lower than the highest rate, an additional duty as price equalization surcharge at the rate by which the rate of the landed cost of such goods falls short of the highest rate.
4. Determination of highest landed cost.‑(1) The Central Government shall determine and by notification in the official Gazette, declare, in relation to every specified goods imported in any shipping period, the highest rate of landed cost of such goods.
(2) For the purpose of determining the highest rate, every importer of specified goods shall furnish at such time such papers, documents or information relating to the import of such goods, as the Central Government may direct.
(3) Whoever fails or neglects to comply with any direction under subsection (2) shall be deemed to have contravened the provisions of the Imports and Exports (Control) Act, 1950 (XX XIX of 1950), and shall be punishable under section 5 of that Act.
5. Procedure for collection of price equalization surcharge. Subject to any rules made under this Act, the price equalization surcharge shall be collected in the same manner as an import duty payable under the Tariff Act, 1934 (XXXII of 1934) is collected and the provisions of the Sea Customs Act, 1878 (VIII of 1878) shall, so far as may be, apply to the levy and collection of such surcharge.
6. Power to make rules.‑ (1) The Central Government may make rules for carrying out the purposes of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for,---
(a) the assessment and collection of the price equalization surcharge;
(b) the delivery of goods on the giving of security for payment of such surcharge or on any other conditions;
(c) the manner of payment of such surcharge; and
(d) such other matters as may be necessary for carrying out the purposes of this Act.
7. Validation. The price differential levied and collected, or purported to have been levied and collected, by or in pursuance of the Ministry of Commerce Notification No. S. R. O. 49(R)/66, dated the 23rd April 1966, or by or under any rule, order, notification or other instrument made or issued under the Imports and Exports (Control) Act, 1950 (XXXIX of 1950), shall, subject to necessary adjustments, be deemed to have been levied and collected as price equalization surcharge and the goods on which such price differential has been levied shall be deemed to have been declared to be specified goods as if this Act were in force at the time when such price differential was levied and collected.