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Vaisakha 07, 1936, at 04:37:31 PM
The
(Pb. Act IX of 1999)
C O N T E N T S
Sections
1. Short
title and commencement.
2. Amendment
of Act II of 1899.
3. Amendment
of Act XV of 1977.
(Pb. Act IX of 1999)
[
An Act to reduce the rates of
stamp duty and revise certain taxes in the
Preamble.— Whereas it is expedient to
reduce the rates of stamp duty and revise certain taxes in the
It is hereby enacted as follows:---
1. Short
title and commencement.— (1) This Act may be called the Punjab Finance Act
1999.
(2) It
shall come into force on and from the first day of July 1999.
2. Amendment
of Act II of 1899.— In the Stamp Act, 1899 (II of 1899), in Schedule I—
(1) in Article 23, for sub-articles (a), (b) and (c), the following shall be substituted,---
“(a) in the case of agricultural land |
four rupees for every one hundred rupees or part
thereof of the value of the land; |
(b) in the case of immovable property in an
urban area |
five rupees for every one hundred rupees or part
thereof of the value of the property; and |
(c) in any other case |
four rupees for every one hundred rupees or part
thereof of the value of the property.”; |
(2) in Article 31,---
(i) in sub-article (b), for the words “Eight
rupees”, the words “Five rupees” shall be substituted; and
(ii) in sub-article (c), for the words “Five
rupees”, the words “Four rupees” shall be substituted.”; and
(3) in
Article 33,---
(i) in sub-article (a), in clause (ii), for the
words “Five rupees”, the words “Four rupees” shall be substituted;
(ii) in sub-article (b), in clause (ii), for the
words “Seven rupees”, the words “Four rupees” shall be substituted; and
(iii) in sub-article (c), for the words “Six
rupees”, the words “Four rupees” shall be substituted.
3. Amendment of Act XV of 1977.— In the Punjab Finance Act, 1977 (XV of 1977), in the Second Schedule, for the existing serial numbers 1 and 1-A, the following shall be substituted,---
“S.No. |
Class of Persons
|
Rate of
tax per annum |
1 |
2 |
3 |
1. |
Companies registered under the Companies Ordinance,
1984 with paid up capital— |
|
|
(i) not
exceeding rupees 10 million |
Rs. 10,000.00 |
|
(ii) exceeding
rupees 10 million but not exceeding rupees 25 million |
Rs. 30,000.00 |
|
(iii) exceeding
rupees 25 million but not exceeding rupees 50 million |
Rs. 70,000.00 |
|
(iv) exceeding
rupees 50 million |
Rs. 1,00,000.00”. |
[1][1]This Act was passed by the Punjab Assembly on 24th
June, 1999; assented to by the Acting Governor of the Punjab on 25th June,
1999; and, was published in the Punjab Gazette (Extraordinary), dated 26th
June, 1999, pages 755 to 756.
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