THE [1][KHYBER PAKHTUNKHWA]

FINANCE ACT, 1994.

([2][KHYBER PAKHTUNKHWA] ACT NO. I OF 1994)

CONTENTS

PREAMBLE

SECTIONS

1.         Short title, extent and commencement.

2.         Definitions.

^[3][3.       Deleted]

4.         Amendment of Act II of 1899.

5.         Amendment of W.P. Act 1 of 1965.

6.         Amendment of [4][Khyber Pakhtunkhwa] Ord. No. IX of 1980.

7.         Power to make rules.

THE [5][KHYBER PAKHTUNKHWA]

FINANCE ACT, 1994.

([6][KHYBER PAKHTUNKHWA] ACT NO. I OF 1994)

 [First published after having received the assent of the Governor of the [7][Khyber Pakhtunkhwa] in the Gazette of [8][Khyber Pakhtunkhwa] (Extraordinary), dated the 30^th June, 1994.

AN

ACT

to levy, reduce and modify certain tax, fee and duty in the

[9][Khyber Pakhtunkhwa].

            WHEREAS it is expedient to levy, reduce and modify certain tax, fee and duty in the [10][Khyber Pakhtunkhwa];

            It is hereby enacted as follows:

1.         (1) This Act may be called the [11][Khyber Pakhtunkhwa] Finance Act, 1994.

(2)        It shall extend to whole of [12][the Province of the Khyber Pakhtunkhwa].

            (3)        It shall come into force with effect from the 1st day of July, 1994.

2.         (1) In this Act, unless there is anything repugnant in the subject or context,-

(a)      “Collector” means the Collector of the District and includes any officer appointed under the West Pakistan Land Revenue Act, 1967 (W.P. Act XVII of 1967), to discharge the duties of the Collector;

(b)      “estate” and “assessment circle” have the same meanings assigned to these expressions in the West Pakistan Land Revenue Act, 1967 (W.P. Act XVII of 1967);

(c)      “Government” means the Government of the [13][Khyber Pakhtunkhwa];

(d)      “land” means the land which is not occupied as the site of any building and is in use for agricultural purposes or purposes subservient to agriculture and is assessed to land revenue, but does not include land owned or administered by the Federal or the Provincial Government, except land of any such Government in possession of lessees or tenants;

(e)      “land revenue” means the land revenue assessed on any land under the West Pakistan Land Revenue Act, 1967 (W.P. Act XVII of 1967), and where the land is not so assessed, the land revenue assessed on similar land in the same estate or assessment circle;

(f)       “owner”, in case of land owned by the Federal or Provincial Government, includes a lessee, if any, in possession; ^[14][and]

(g)      ^[15][Deleted]

(h)      ^[16][Deleted]

(i)       “tax” includes agricultural income tax assessed under this Act.

            (2)        All other expressions used in this Act but not defined shall have the same meanings as assigned to them in the West Pakistan Land Revenue Act, 1967 (W.P. Act XVII of 1967), and the rules made thereunder.

3.         ^[17][Deleted]

4.         In the Stamp Act, 1899 (Act II of 1899), in Schedule I,

            (1)        for Article 15 the following shall be substituted, namely:-

“15.     Bonds as defined by section 2(5), not being a DEBENTURE (No.27) and not being otherwise provided for by this Act, or by the Court Fees Act, 1870.

See      ADMINISTRATION BOND (NO. 2), BOTTOMRY BOND (NO. 16),     CUSTOMS BOND (NO. 26)

            INDEMNITY BOND (NO. 34), RESPONDENTIA BOND (NO. 56),      CUSTOMS BOND (NO. 57)

EXEMPTION

Bond   When executed by any person for the purpose of guaranteeing that the local income derived from private subscription to a Charitable dispensary or hospital or any other object of public utility shall not be less than a specified sum per mensem.

(2)        in Article 23, for the words “Rupees five” “Rupees eight and a half” and “Rupees six”, wherever occurring, the words “Rupees four” shall be substituted.

(3)        for Article 27 the following shall be substituted, namely;

            “27      DEBENTURE (whether a mortgage debenture or not), being a marketable security transferable,-

EXEMPTION

            A debenture issued by an incorporated company or other body corporate in terms of a registered mortgage deed duly stamped in respect of the full amount of debentures to be part, their property to trustees for the benefit of the debenture-holders; provided that the debentures so issued are expressed to be issued in terms of the said mortgage deed.

5.         In the West Pakistan Finance Act, 1965 (W.P. Act I of 1965), in section 12, in sub-section (1), in the entry at (i), for the figure “35.00” the figure “49.00” shall be substituted.

6.         In the [18][Khyber Pakhtunkhwa] Finance Ordinance, 1980 ([19][Khyber Pakhtunkhwa] Ord. IX of 1980), in the Second Schedule, in the entries at serial No. 10, the full-stop appearing at the end of clause (f) shall be replaced by a colon and thereafter the following proviso shall be added, namely:-

“Provided that notwithstanding the registration fee prescribed for motor vehicles covered by clause (d), the fee on first registration of such vehicles shall be charged ad volorem at the rate of half per cent of the duty paid value of imported vehicles and ex-factory price of locally assembled vehicles.”.

7.         Government may make rules to carry out the purposes of this Act.

SCHEDULE

 (See Section 3)

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