PUNJAB FINANCE ACT 2010
[28 June 2010]
Act to levy tax and alter the rate of taxes and duties in the
Whereas it is expedient to levy tax and alter the rates of tax and duties in
and other connected matters.
It is hereby enacted
Short title, extent and commencement.–
(1) This Act may be cited as the Punjab Finance Act 2010.
(2) It extends to
the whole of the Punjab
(3) It shall come
into force on the first day of July 2010.
2. Amendments in Act II
In the Stamp Act, 1899 (II of 1899)–
for section 27-A, the following shall be
Value of immovable property.– (1) Where
any instrument chargeable with ad valorem duty under Articles 23, 31
or 33 of Schedule I, relates to an immovable property, the value of the
immovable property shall be calculated according to the valuation table
notified by the District Collector in respect of immovable property situated
in the locality.
Where an instrument, mentioned in sub-section (1), relates to an immovable
property consisting of land and structure, it shall state the value of the
land or structure separately and the value of the structure stated in the
instrument shall, subject to the provision of this Act, be accepted.
Where the value of immovable property stated in an instrument to which
sub-section (1) applies is more than the value fixed according to the
valuation table, the value declared in the instrument shall be accepted as
value for the purposes of stamp duty.
Where the value given in the valuation table notified under sub-section (1),
when applied to any immovable property, appears to be excessive, the
Executive District Officer (Revenue) or any other person notified by the
Government may, on application made to him by the aggrieved person,
determine its correct value and for that purpose the provisions of sections
31 and 32 shall apply as nearly as possible.”; and
in Schedule I–
for Article 23, the following shall be
defined by section 2(10) not being a TRANSFER charged or exempted
under Article 62–
in the case of an
two percent of
the value of the property.
in case of a
registered motor vehicle.
for Article 31, the following shall be
per cent of the value of the property of the highest value.”
for Article 33, the following shall be
Instrument of, including a
memorandum of oral gift of an immovable property, not being a
SETTLEMENT (Article 58) or WILL OR TRANSFER (Article 62)–
when executed in
respect of an immovable property.
two per cent of
the value of the property.”
3. Amendment in Act
XVII of 1967.–
In the Punjab Land Revenue Act 1967 (XVII of 1967), for section 46, the
following shall be substituted:-
(1) The Board of Revenue may fix scale of fee for an entry in any record or
register under this Chapter and for provision of a copy of any such entry.
(2) Where the
scale of mutation fee is fixed at a certain percentage of the consideration
or value of land, the consideration or value of the land shall be calculated
according to the valuation table notified by the District Collector in
respect of the land situated in the locality under the Stamp Act 1899 (II of
(3) A fee in
respect of any entry shall be payable by the person in whose favour the
entry is made.”
Amendment in Act
XII of 1989.–
In the Bank of Punjab Act 1989 (XII of
in section 4–
for sub-section (1), the following shall be
Subject to the provisions of this Act, the authorized capital of the Bank
shall be fifty thousand million rupees divided into five thousand million
ordinary or preference shares of ten rupees each.”;
for sub-section (2), the following shall be
of the authorized capital of the Bank, shares shall, from time to time, be
divided into such number of ordinary and preference shares and, be issued in
such number and on such terms, including the terms of the brokerage and
underwriting, as the Board may decide.”;
for section 7, the following shall be
Government to be shareholder.–
Notwithstanding anything contained in section 6, the Government shall be a
shareholder of the Bank and shall hold up to fifty one per cent of all types
of shares issued by the Bank.”
Amendment in Ordinance II of 2000.–
In the Punjab Sales Tax Ordinance 2000 (II
in section 3, in sub-section (1), for the words
“sixteen per cent”, the words “seventeen per cent”, shall be substituted;
for the schedule, the following shall be
provided or rendered by hotels, clubs and caterers.
Advertisement on television and radio, excluding advertisements–
sponsored by an agency of the federal or
provincial Government for health education;
financed out of funds provided by a Government
under grant-in-aid agreement; and
conveying public service message, if telecast on television by the World
Wide Fund for Nature (WWF) or United Nations Children’s Fund (UNICEF).
provided or rendered by persons authorized to transact business on behalf of
ship chandlers; and
Advertisement on a cable television.
provided or rendered by shipping agents.
fixed line voice telephone service;
wireless Local Loop
pre-paid calling cards;
voice mail service;
short Message service (SMS);
multimedia message service (MMS);
bandwidth services [used for voice and video
copper line based;
(iii) co-axial cable based;
(iv) microwave based;
store and forward fax services;
trunk radio services;
voice paging services;
radio paging services;
vehicle tracking services; and
burglar alarm services.
provided or rendered in respect of insurance to a policy holder by an
insurer, including a re-insurer–
marine insurance; and
provided by Banking Companies or Non-Banking Financial Institutions
including but not limited to all non-interest based services provided or
rendered against a consideration in form or a fee or commission or charge.
provided or rendered by the Stock Brokers.
11. Any other
service notified by the Provincial Government in the official Gazette.”
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7. Amendment in Act I of
In the Punjab
Finance Act 2008 (I of 2008)–
section 6 shall be omitted; and
the Schedule shall be omitted.