Finance Act, 1992.
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Main Category: | Acts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific Category Name: | To continue, levy and revise rates of certain duties, taxes and fees in the Province of Khyber Pakhtunkhwa. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year | 1992 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Promulgation Date: | 14-06-2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details: | THE
[1][KHYBER
PAKHTUNKHWA] FINANCE
ACT, 1992. [2][KHYBER PAKHTUNKHWA] ACT NO. VI OF 1992) CONTENTS PREAMBLE SECTIONS 1 Short title, extent and commencement. 2. Amendment of Act II of 1899. 3. Amendment of West Pakistan Act XXXII of
1958. 4. Amendment of West Pakistan Act I of
1965. 5. Amendment of the [3][Khyber
Pakhtunkhwa] Ord. IX of 1980. 6. Amendment of the [4][Khyber
Pakhtunkhwa] Act IV of 1990. *SCHEDULE THE
[5][KHYBER
PAKHTUNKHWA] FINANCE
ACT, 1992. ([6][KHYBER
PAKHTUNKHWA] ACT NO. VI OF 1992) [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 4th June, 1992]. AN ACT to
continue, levy and revise rates of certain taxes, duties
and fees in the [9][Khyber Pakhtunkhwa]. WHEREAS it is expedient to continue,
levy and revise rates of certain duties, taxes and fees in the [10][Khyber
Pakhtunkhwa]; It
is hereby enacted as follows:— 1 Short title, extent and commencement.—(1) This Act may
be called the [11][Khyber
Pakhtunkhwa] Finance Act, 1992. (2) It shall extend to whole of the [12][Province
of the Khyber Pakhtunkhwa]. (3) Section 3 shall come into force on such
day as Government may, by Notification, specify and the remaining provisions of
this Act shall come into force on the 1st day of July, 1992. 2. Amendment of Act II of 1899.---In the Stamp
Act, 1899 (II of 1899):— (a) after
section 27 the following new section shall be inserted, namely: “27A. Valuation
of Urban Land.---*(1) Where any
instrument chargeable with ad valorem duty under clause (b) of Article 23 or
clause (b) of Article 31 of Schedule I relates to land only or land with any
building or structure thereon, the value of the land shall be calculated according
to the valuation table notified by the Collector in respect of land situated in
the area or locality concerned. (2) Where
an instrument mentioned in sub-section (1) relates to land with building or
structure thereon, it shall state the value of the land and the building or
structure, separately, and the value of the building or structure so stated
shall, subject to the provisions contained in this Act, be accepted. (3) Where
the value of land 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 purpose of duty. (4) Where
the value given in the valuation table notified under sub-section (1), when
applied to any land, appear to be excessive, the Commissioner may, on
application made to him by the aggrieved person, determine its correct value
and for that purpose the provisions of section 31 and section 32 shall apply
mutatis mutandis.”; and (b) in*Schedule I, the amendments
specified in the Schedule to this Act shall be made. 3. Amendment of West Pakistan Act XXXII of
1958.—In
the West Pakistan Motor Vehicles Taxation Act, 1958 (W.P. Act XXXII of 1958).— (a) in section 13, sub-sections (3) and (4)
and the "Explanation" appearing thereunder shall be omitted; and (b) in the First Schedule,— (i) at Serial No 3,
for the existing entry at clause (g) the following shall be substituted,
namely:
(ii) the existing
clause (h) shall be re-lettered as "(j)" and before clause (j), so
re-lettered, the following new clauses shall be inserted, namely:
Note:-* Schedule I has
been substituted by section 2 of the Khyber Pakhtunkhwa Finance Act, 2007
(Khyber Pakhtunkhwa Act No. II of 2007). (iii) after Serial No.
6, the following new entry shall be added as Serial No. 7, namely:
4.
Amendment of West Pakistan Act I of 1965.—In the West Pakistan Finance Act,
1965 (W.P. Act I of 1965),— (a) in section 10,— (i) for sub-section
(1) the following shall be substituted, namely: "(1) Notwithstanding anything contained in the
Stamp Act, 1899 (II of 1899), every instrument of conveyance as defined in
clause (10) of section 2 of that Act, and not being a transfer charged or
exempted under Article 62 of Schedule I to that Act, may be charged with
additional Stamp Duty under this Act at such rates as Government may, by
Notification in the official Gazette, specify." (ii) in sub-section
(2), for the words "specified in", occurring in the first line, the
commas and the words ", if any, specified under" shall be substituted;
and (b) in section 12, for sub-section (1) the
following shall be substituted, namely: *"(1) There shall be
levied and collected every year a tax on all hotels, payable by the owner or
management thereof, at the following rates:—
Note:-*Sub-section (1)
has been substituted by section II of the Khyber Pakhtunkhwa Finance Act, 1995
(Khyber Pakhtunkhwa Act No.I of 1995). 5. Amendment
of the [13][Khyber
Pakhtunkhwa] Ord. IX of 1980.—In the [14][Khyber
Pakhtunkhwa] Finance Ordinance, 1980 ([15][Khyber
Pakhtunkhwa] Ord. IX of 1980), in the Second Schedule,— (a) for the figure
"100" against Serial Nos. 1 and 3, the figure "125" shall
be substituted; (b) for the figure
"100" against Serial No. 2, the figure "150" shall be
substituted; (c) for the figures
"200" and "100" against Serial No. 4, the figures
"300" and "200" shall respectively be substituted; and (d) for the figures
"100", "60", "250" and "150" against
Serial No. 5, the figures "200", "100", "300" and
"200" shall respectively be substituted. 6. Amendment
of the [16][Khyber
Pakhtunkhwa] Act IV of 1990.—In the [17][Khyber
Pakhtunkhwa]Finance Act, 1990 ([18][Khyber
Pakhtunkhwa]Act IV of 1990), in section 7, in the *Table,— (i) for the figures "2500" and
"5000" against Serial No. 2(b) and (c), the figures "3000"
and "6000", for the figure "500" against Serial No. 5, the
figure "750" and for the figure "2000" against Serial No.
6(a), the figure "5000" shall respectively be substituted; and (ii) after the existing entries at Serial No.
6 the following new entry as Serial No. 7 shall be added, namely:
*THE SCHEDULE (See
Section 2) (1) In Article 1— (i) In clause (b) for
the figure and word "40 paisa" the figure and word "50
paisa" shall be substituted; (ii) for clause (c)
the following shall be substituted, namely:
(iii) after clause (c)
as so amended, the following new clause (d) shall be added, namely:
(2) In Article 2, in clause (b), for the
words "Thirty rupees" the words "Fifty rupees" shall be
substituted. (3) In Article 8, in clause (b), for the
words "Thirty rupees" the words "Fifty rupees" shall be
substituted. (4) In Article 9, for the words "Twenty
five rupees" the words "fifty rupees" shall be substituted. (5) In Article 10— (i) in clause (a),
for the words "Fifty rupees" the words "One hundred rupees"
shall be substituted; (ii) in clause (b),
for the words "One hundred rupees" the words "Two hundred
rupees" shall be substituted; (iii) in clause (c),
for the words "Two hundred rupees" the words "Three hundred
rupees" shall be substituted; (iv) for clause (d),
the following shall be substituted, namely:
Note:- Schedule 1
to the stamp Act, 1899 (II of 1899) as specified in the *SCHEDULE has been
substituted by section 2 of the Khyber Pakhtunkhwa Finance Act, 2007 (Khyber
Pakhtunkhwa Act No.II of 2007). (v) after clause (d)
as so amended, the following new clause shall be added, namely:
(vi) under the heading
"Exemption", for the words, comma and figures "Section 26 of the
Companies Act, 1913" the words comma and figures "Section 42 of the
Companies Ordinance, 1984" shall be substituted. (6) In Article 11, for the words "Five
hundred rupees", the words "Seven hundred and fifty rupees"
shall be substituted. (7) In Article 12, the words "subject
to a maximum of fifty rupees" shall be omitted. (8) In Article 17, for the words
"Fifteen rupees", the words "Twenty rupees" shall be
substituted. (9) In Article 19, for the words "Fifty
paisa", the words, "Two rupees" shall be substituted. (10) For Article 23, the following shall be
substituted; namely: "23. Conveyance as defined, by Section 2(10)
not being a TRANSFER charged or exempted under No.62—
Explanation-I: For the purpose
of sub-article (b)— (1) "urban area" shall mean— (i) an area as
defined under the West Pakistan Urban Immovable Property Tax Act, 1958; and (ii) any built up area
including land situated within or adjoining such area, specified by
notification by Government to be an urban area for the purpose of this clause. Explanation-II: For the purpose
of sub-clause (ii) "built up area" shall mean land which is occupied
as site of a building or enclusure and is not used for agricultural purpose or
a purpose sub-servient to agriculture. (2) duty chargeable in
respect of instruments relating to property in an urban area specified by the
Government under clause (1) shall be effective from the date such area is
specified as urban area. Explanation-III: Any reference
in Schedule I to article 23 shall mean a reference to sub-articles (a) and (c)
only. (3) "rural area" means an area not
within the boundries of a city, Muncipility or Contonment board; (4) "agricultural land" means any
land in the rural area other than a village abadi or a town". (11) In Article 24, in clause (ii) for the
words "Four rupees", the words "Five rupees" shall be
substituted. (12) In Article 25, in clause (b), for the
words "Four rupees", the words "Five rupees" shall be
substituted. (13) In Article 26, in clause (b), for the
words "Thirty rupees", the words "Fifty rupees" shall be
substituted. (14) In Article 28, for the words "Twenty
five paisa", the words "Two rupees" shall be substituted. (15) For article 31, the following shall be
substituted namely:— "31.
EXCHANGE OF PROPERTY-Instrument of—
(16) For Article 33, the following shall be
substituted, namely: "33. GIFT Instrument of, not being a SETTLEMENT
(NO. 58) OR WILL OR TRANSFER (NO. 62).
(17) In Article 36, for the words "Fifty
paisa", the words "Two rupees" shall be substituted. (18) In Article 37, for the words "Fifty
paisa", the words "Two rupees" shall be substituted. (19) In Article 38, for the words "Twenty
Five rupees", the words "Thirty rupees" shall be substituted. (20) In Article 39 (i) in clause (a),
for the words, comma and figures "Section 35 of the Companies Act,
1913" and the words "Seventy Five rupees", the words comma and
figures "Section 81 of the Companies Ordinance, 1984" and the words
"One hundred and fifty rupees" shall respectively be substituted; (ii) in clause (b),
for the words "Two hundred rupees", the words "Two hundred and
fifty rupees" shall be substituted; and (iii) under heading
"Exemption", for the words, comma and figures "Section 26 of the
Companies Act, 1913", the words, comma and figures "Section 42 of the
Companies Ordinance, 1984" shall be substituted. (21) In Article 41, in clause (b), for the
words "Fifty paisa", wherever occurring, the words "One
rupee" shall be substituted. (22) In Article 42, for the words "Four
rupees" the words "Ten rupees" shall be substituted. (23) In Article 43— (i) in clause (a),
for the words "Fifty paisa", the words "Two rupees", shall
be substituted; (ii) in clause (b),
for the words "Twenty five paisa", the words "Two rupees"
shall be substituted; and (iii) in clause (c),
for the words "Twenty five paisa", the words "One rupee"
shall be substituted. (24) In Article 45, in the proviso, after the
existing clause (c), the following new clause shall be added:— "(d) When
instrument of partition is executed in respect of agricultural land, the stamp
duty shall be charged as one rupee for every one hundred rupees or part thereof
of the value of such land.". (25) For Article 46, the following shall be
substituted, namely: "46— PARTNERSHIP— A- INSTRUMENT OF—
B- DISSOLUSTION OF—
(26) In Article 48— (i) in clause (a),
for the words "Three rupees" the words "Ten rupees" shall
be substituted; (ii) in clause (b),
for the words "Seven rupees" the-words "Ten rupees" ^shall
be substituted; (iii) in clause (c),
for the words "Thirty six rupees" the words "Fifty rupees"
shall be substituted; and (iv) in clause (f), for
the words "Six rupees" the words "Ten rupees" shall be
substituted; (27) In Article 49, for clause (a), the
following shall be substituted, namely: "(a) when payable
on demand—
(28) In Article 50, for the words "Four
rupees" the words "Five rupees" shall be substituted. (29) In Article 52, for the words "Twenty
five paisa", the words "Two rupees" shall be substituted. (30) In Article 53— (i) in clause (b),
for the words "Forty paisa", the words "Fifty paisa" shall
be substituted; (ii) in clause (c),
for the following shall be substituted, namely:
(iii) after clause (c)
as so amended, the following new clause (d) shall be added:—
(31) In Article 54, in clause (b), for the word
"Thirty rupees", the words "Fifty rupees", shall be
substituted. (32) For Article 55, the .following shall be
substituted namely;
"(33) In Article 57, in clause (b), for the word
"Thirty rupees", the words "Fifty rupees", shall be
substituted. (34) In Article 58, Part A, the existing
clauses (i) and (ii) shall be renumbered as (ii) and (iii) respectively and the
following clause (i) shall be inserted before clause (ii) so renumbered:—
(35) In Article 60, for the words "Twenty
five paisa", the words "Two rupees" shall be substituted. (36) In Article 61, in clause (b) for the words
"Thirty rupees", the words "Fifty rupees" shall be
substituted. (37) In Article 62— (i) in clause (c), in sub-clause (ii), for
the words "Thirty rupees", the words "Fifty rupees" shall
be substituted; and (ii) in clause (d),
for the words "Thirty rupees", the words "Fifty rupees"
shall be substituted. (38) In Article 64, for the words "Thirty
rupees", wherever occurring, the word "Fifty rupees" shall be
substituted. (39) In Article 65, for the words "Two
rupees", the words "Five rupees", shall be substituted. By
ORDER OF THE SPEAKER, PROVINCIAL
ASSEMBLY OF 1[KHYBER
PAKHTUNKHWA] [1]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011
[1]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [2]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [3]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [4]Substituted vide Khyber
Pakhtunkhwa Act No. IV of 2011 Note:-Schedule 1
to the stamp Act, 1899 (II of 1899) as specified in the *SCHEDULE has been
substituted by section 2 of the Khyber Pakhtunkhwa Finance Act, 2007 (Khyber
Pakhtunkhwa Act No.II of 2007). [5]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [6]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [7]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [8]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [9]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [10]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [11]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [12]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 Note:-*In sub-section
(1), before the full stop appearing at
the end, the words and comma “or as the Provincial Government may, from time to
time, by notification in the official
Gazette, determine” shall be added by
sub-section (1) of section 3 of the Khyber Pakhtunkhwa Finance Act, 1997 (KP
Act No.III of 1997) [13]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [14]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [15]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [16]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [17]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 [18]Substituted vide
Khyber Pakhtunkhwa Act No. IV of 2011 Note:*Table has been
substituted by section 5 of the Khyber Pakhtunkhwa Finance Act, 2014 (Khyber
Pakhtunkhwa Act No. XXV of 2014) |