Whereas it is expedient to amend the Stamp Act, 1899 and the Punjab Finance
It is hereby enacted
1. Short title, extent
and commencement.– (1) This Act may be cited
as the Punjab Finance Act, 2007.
(2) It shall
extend to the whole of the Punjab.
(3) It shall come
into force on the first day of July 2007.
2. Amendment in the
Stamp Act, 1899 (II of 1899).– In the Stamp
Act, 1899 (II of 1899), in Schedule I,–
(1) in Article
27, under the heading “Proper Stamp-duty”, the words “per annum” shall be
(2) in Article
49, in clause (b), under the heading “Proper Stamp-duty”, after the word
“payable”, the words “subject to a maximum of one hundred thousand rupees”
shall be inserted.
3. Amendment of Act
XXXIV of 1964.– In the Punjab Finance Act,
1964 (XXXIV of 1964), the Fifth Schedule shall be substituted by the
(see Section 13 of the
Finance Act, 1964)
In case of energy supplied by a licensee to consumers of any of the
Electricity Duty on the amount of the variable charges or the supply
charges worked out according to electricity tariff:
irrigation and agricultural machinery; and
Premises where the supply of energy by a licensee is un-metered.
In case of
energy not supplied by a licensee to consumers of any of the
“Electricity tariff” means the schedule of tariff made under section 31(4)
of the Regulation of Generation, Transmission and Distribution of Electric
Power Act, 1997 and notified by the Federal Government for a licensee.
charges and variable charges are sale rate per kilowatt hour as a single
rate or part of a two part tariff applicable to actual unit consumed by the
which are used wholly or principally for manufacturing processes within the
meaning of section 2 of the Factories Act, 1934 shall be deemed to be used
for an industrial undertaking.”
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 published in the Punjab Gazette (Extraordinary), dated 30
June 2007, pages 5665-66.