"\u003chtml xmlns:v=\"urn:schemas-microsoft-com:vml\"\r\nxmlns:o=\"urn:schemas-microsoft-com:office:office\"\r\nxmlns:w=\"urn:schemas-microsoft-com:office:word\"\r\nxmlns=\"http://www.w3.org/TR/REC-html40\"\u003e\r\n\r\n\u003chead\u003e\r\n\u003cmeta http-equiv=Content-Type content=\"text/html; charset=windows-1252\"\u003e\r\n\u003cmeta name=ProgId content=Word.Document\u003e\r\n\u003cmeta name=Generator content=\"Microsoft Word 11\"\u003e\r\n\u003cmeta name=Originator content=\"Microsoft Word 11\"\u003e\r\n\u003clink rel=File-List href=\"2011J58_files/filelist.xml\"\u003e\r\n\u003clink rel=Edit-Time-Data href=\"2011J58_files/editdata.mso\"\u003e\r\n\u003c!--[if !mso]\u003e\r\n\u003cstyle\u003e\r\nv\\:* {behavior:url(#default#VML);}\r\no\\:* {behavior:url(#default#VML);}\r\nw\\:* {behavior:url(#default#VML);}\r\n.shape {behavior:url(#default#VML);}\r\n\u003c/style\u003e\r\n\u003c![endif]--\u003e\r\n\u003ctitle\u003eCOMMENTS ON BUDGET \u0026amp; FISCAL LAWS, 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style=\u0027text-align:center;mso-pagination:none;\r\nmso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cb\u003eCOMMENTS ON BUDGET \u0026amp;\r\nFISCAL LAWS, 2011\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal align=center style=\u0027text-align:center;mso-pagination:none;\r\nmso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cb\u003eBy\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal align=center style=\u0027text-align:center;mso-pagination:none;\r\nmso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cb\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal align=center style=\u0027text-align:center;mso-pagination:none;\r\nmso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cb\u003eAnjum Asim Shahid Rahman,\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal align=center style=\u0027text-align:center;mso-pagination:none;\r\nmso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cb\u003eChartered Accountants,\r\nLahore\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eFinance Bill 2011\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eThis Memorandum\r\nsummarizes an overview of economy for the year \u003c/span\u003e2010-2011 and the\r\nimportant changes proposed through the Finance Bill \u003cspan style=\u0027letter-spacing:\r\n-.1pt\u0027\u003e2011. It contains comments on the budget and on the Finance Bill 2011, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003eincluding highlights, of the changes brought\r\nthrough the Income Tax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eOrdinance,\r\n2001, the Sales Tax Act, 1990, the Federal Excise Act, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003e2005, the Custom Act, 1969, the Finance Act, 1989,\r\nthe Securities and Exchange Commission of Pakistan Act, 1997, Oil and Gas\r\nRegulatory Authority Ordinance, 2002 and the Provisional Collection of Taxes\r\nAct, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e1931. The amendments proposed\r\nthrough the Income Tax Ordinance, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e2001\r\nand through other laws are intended to be effective once the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eparliament has accorded it\u0027s assent and\r\nthereafter, would be effective \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003efrom\r\nJuly 01, 2011 i.e. tax year 2012 unless otherwise indicated. \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eWhereas certain provisions relating to customs\r\nduty, excise duty and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003esales tax have\r\nbeen made applicable from June 04, 2011.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eThis Memorandum is intended to provide general\r\nguidance to the readers \u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eon the important\r\nchanges brought through the bill and should not be \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003econsidered as a substitute for specific advice\r\nrelating to a particular \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eenactment.\r\nFor considering the precise effect of a proposed change, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003ereference should be made to the appropriate\r\nwordings in the relevant \u003c/span\u003estatute and the notifications issued where\r\nrelevant.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eThe Memorandum has\r\nbeen prepared exclusively for the use of our \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eclients and staff, based on information available with us till the time\r\nof \u003c/span\u003egiving it for printing.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:3.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003eAnjum Asim Shahid Rahman\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:3.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e   \u003c/span\u003eChartered Accountants\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003eTable of Contents\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003ePages\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eBudget at a glance\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e26\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eOverview of the\r\n  Economy 2010-2011\u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e26\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003eThe Finance Bill\r\n  2011 - Highlights\u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e33\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:4\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eSummary of changes\r\n  in:\u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e38\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:5\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eThe Income Tax\r\n  Ordinance, 2001\u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e38\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:6\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eThe Sales Tax Act, 1990\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e50\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:7\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003eThe Federal Excise\r\n  Act, 2005\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e55\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:8\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eThe Customs Act, 1969\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e58\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:9\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eOther Laws\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e61\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:10;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=469 valign=top style=\u0027width:351.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eThe Provisional Collection of Taxes Act, 1931\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=121 valign=top style=\u0027width:90.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e62\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e            \u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal align=center style=\u0027text-align:center;mso-pagination:none;\r\nmso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eBudget at a\r\nGlance\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;text-indent:.5in;\r\nmso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e2011-2012\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e2010-2011\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e2011-2012\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003c/span\u003e2010-2011\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:1.0in;text-align:justify;text-indent:\r\n.5in;mso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.4pt\u0027\u003eRupees in billion\u003cspan style=\u0027mso-tab-count:2\u0027\u003e                     \u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e         \u003c/span\u003e\u003c/span\u003e%\u003cspan style=\u0027mso-tab-count:\r\n2\u0027\u003e              \u003c/span\u003e\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e    \u003c/span\u003e%\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eRECEIPTS \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eRevenue\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eTax Non Tax\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e2,074 658\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e1,779 632\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e75% 24%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e64% 23%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.3pt\u0027\u003eGross revenue\r\n  receipts\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e2,732\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e2,411 \u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e99%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e87%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eLess: Provincial\r\n  Share\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e1,203\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.3pt\u0027\u003e1,034\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e43%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e37%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eNet revenue receipts\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e1,529\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.3pt\u0027\u003e1,377\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e55%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e50%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eOther sources\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.3pt\u0027\u003eNet capital receipts\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e396\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e325\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e14%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e12%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003eExternal receipts\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e414\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e387\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e15%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e14%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eSelf financing of\r\n  PSDP by provinces \u003c/span\u003e-\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e342\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e0%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e12%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003eEstimated provincial\r\n  surplus\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e125\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid 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windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e2,765\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e100%\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e100%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eTOTAL RECEIPTS\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e   \u003c/span\u003e\u003c/span\u003e \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal 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style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003eOther development\r\n  expenditure\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e97\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e104\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e4%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e4%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eTotal development\r\n  expenditure\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e452\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e767\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e16%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e28%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:4;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003eTOTAL EXPENDITURE\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e2,768\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e2,765\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e100%\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=74 valign=top style=\u0027width:55.35pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e100%\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eOverview of the Economy 2010-2011\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003ePakistan\u0027s economy\r\nreflected a slow growth over the last five years with\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003ethe real GDP\r\nposting a moderate CAGR of nearly 3.7%. During FY \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003e2010-11 the economy has witnessed a growth of 2.4%\r\nwhich is 37% \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003elower than the growth\r\nrecorded in FY 2009-10. This low GDP reflects \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003ethe overall pressure on the economy causing high unemployment rate, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003einflation, fiscal deficit and debt burden. Among\r\nthe three major sectors \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eof the\r\neconomy, services was the major contributor in the overall growth \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003eof the country with 4.1% growth over the preceding\r\nfiscal year. As a \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003econsequence, the\r\nagriculture sector grew at rate of 1.2% against the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003etarget of 3.8%. Major crops witnessed negative\r\ngrowth while minor \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003ecrops along with\r\nlivestock and fishery recorded positive growths. \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eManufacturing, the third major sector of the economy, grew by 1.2%. It\r\nwas the Small Scale Manufacturing (SSM) that played an important role \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.95pt\u0027\u003ein the positive contribution to GDP. While the\r\nLarge Scale \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eManufacturing (LSM)\r\ngrowth was hampered due to reduced output in \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003etextile and petroleum products (submersions of refineries under Wood \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003ewater, energy crisis and circular debt).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eThe deceleration\r\nin the economic growth can mainly be attributed to the \u003c/span\u003edevastating\r\nfloods of 2010, deteriorating law and order situation, energy \u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003ecrises, price hike in petroleum products and a\r\nfallout of the global \u003c/span\u003efinancial crisis.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eFigure 1: Real GDP Growth\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shapetype id=\"_x0000_t75\"\r\n coordsize=\"21600,21600\" o:spt=\"75\" o:preferrelative=\"t\" path=\"m@4@5l@4@11@9@11@9@5xe\"\r\n filled=\"f\" stroked=\"f\"\u003e\r\n \u003cv:stroke joinstyle=\"miter\"/\u003e\r\n \u003cv:formulas\u003e\r\n  \u003cv:f eqn=\"if lineDrawn pixelLineWidth 0\"/\u003e\r\n  \u003cv:f eqn=\"sum @0 1 0\"/\u003e\r\n  \u003cv:f eqn=\"sum 0 0 @1\"/\u003e\r\n  \u003cv:f eqn=\"prod @2 1 2\"/\u003e\r\n  \u003cv:f eqn=\"prod @3 21600 pixelWidth\"/\u003e\r\n  \u003cv:f eqn=\"prod @3 21600 pixelHeight\"/\u003e\r\n  \u003cv:f eqn=\"sum @0 0 1\"/\u003e\r\n  \u003cv:f eqn=\"prod @6 1 2\"/\u003e\r\n  \u003cv:f eqn=\"prod @7 21600 pixelWidth\"/\u003e\r\n  \u003cv:f eqn=\"sum @8 21600 0\"/\u003e\r\n  \u003cv:f eqn=\"prod @7 21600 pixelHeight\"/\u003e\r\n  \u003cv:f eqn=\"sum @10 21600 0\"/\u003e\r\n \u003c/v:formulas\u003e\r\n \u003cv:path o:extrusionok=\"f\" gradientshapeok=\"t\" o:connecttype=\"rect\"/\u003e\r\n \u003co:lock v:ext=\"edit\" aspectratio=\"t\"/\u003e\r\n\u003c/v:shapetype\u003e\u003cv:shape id=\"_x0000_i1025\" type=\"#_x0000_t75\" style=\u0027width:351.75pt;\r\n height:98.25pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image001.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=469 height=131\r\nsrc=\"2011J58_files/image002.jpg\" v:shapes=\"_x0000_i1025\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eIn FY 2010-11, the\r\nRupee against the US Dollar stabilized, while a \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.15pt\u0027\u003ehigher growth in nominal GNP had a direct impact on the per capita real \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eincome with a growth of 0.7% in FY 2010-11. In\r\ndollar terms the per \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ecapita income\r\nrose from USD 1,073 in FY 2009-10 to USD 1,254 in FY \u003c/span\u003e2010-11.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e  Figure 2: Per\r\nCapita Income (in USD)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shape id=\"_x0000_i1026\"\r\n type=\"#_x0000_t75\" style=\u0027width:331.5pt;height:103.5pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image003.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=442 height=138\r\nsrc=\"2011J58_files/image004.jpg\" v:shapes=\"_x0000_i1026\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003eInflation remains a\r\nmajor challenge for the political government \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.65pt\u0027\u003eand the economy at large despite a stringent monetary policy. The \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:1.15pt\u0027\u003erise in the food, prices due to destruction of\r\ncrops in 2010, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003efloods and the rise in\r\ncost of production mainly due to oil price hike \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.65pt\u0027\u003eand energy crisis in aggregate contributed to the persistently high \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003elevel of inflation which was recorded at 14% in FY\r\n2010-2011. \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eIncreased government\r\nborrowings to cover the fiscal deficit also fueled \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003einflation during the preceding fiscal year as did\r\nprinting of currency by \u003c/span\u003ethe SBP.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ePerformance of\r\nSub-Sectors\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003ePakistan\u0027s economy\r\nalso comprises three sectors namely (i) Agriculture, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003e(ii) Manufacturing and (iii) Services. These three\r\nsectors make up the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eGDP of the economy\r\nof Pakistan. In the FY 2010-11 the service sector \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.7pt\u0027\u003eoutperformed the other two sectors in contribution\r\nto GDP. The \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eperformance of all the\r\nthree sectors has been provided in the ensuing \u003c/span\u003eparagraphs.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eService sector\r\ncomprises transport, storage, communication, wholesale \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.8pt\u0027\u003eand retail trade, finance and insurance. This\r\nsector contributed \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eapproximately 53%\r\nto the total economy in FY 2010-11 and grew by 4.1% as against 2.9% of last\r\nfiscal year. Social services witnessed a \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003erising trend while other areas showed a stable growth.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eThe agriculture\r\nsector, which provides employment to approximately \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003e47% of the total workforce, includes crops,\r\nlivestock, fishery and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eforestry. The\r\ncrops are further classified into two categories namely \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:1.0pt\u0027\u003emajor crops and minor crops. In the FY 2010-2011\r\nthe major \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.9pt\u0027\u003ecrops i.e. rice and cotton\r\nhave experienced negative growth of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003e4%,\r\nwhereas the minor crops have witnessed positive growth of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.6pt\u0027\u003e4.8%. The significant contributor which led to an\r\noverall positive \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.7pt\u0027\u003egrowth in the\r\nagriculture is livestock, which experienced a growth \u003c/span\u003eof 3.7%.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eThe manufacturing\r\nsector is third largest sector of the economy, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.45pt\u0027\u003eaccounting for almost 18% contribution to GDP. The manufacturing sector\r\nof Pakistan is divided into two branches namely Large Scale \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003eManufacturing (LSM) and Small Scale Manufacturing.\r\nLSM remained \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.75pt\u0027\u003evictim of power shortage\r\nand cost escalation due to price hike of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.55pt\u0027\u003eraw materials and power tariffs. Another main factor which led to \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.8pt\u0027\u003eadverse growth in the manufacturing sector is the\r\nrecent floods \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003ewhich disrupted the\r\noperations of various large scale manufacturing \u003c/span\u003eunits.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eThe increased cost\r\nof borrowing, due to tight monetary policy resulted in \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003enegative growth in the sector. This decrease in the\r\ntrend of investments \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003ehas resulted in\r\nloss of employment opportunities which are generated \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003eas a consequence of new investments. Conversely,\r\nthe small scale \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003emanufacturing sector\r\nhas done well and as a result contributed towards \u003c/span\u003ethe GDP.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:1.0pt\u0027\u003eAdditionally, the\r\nmining sector has also experienced a decline \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.75pt\u0027\u003ein the FY 2010-2011. The significant reasons behind this decline \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.95pt\u0027\u003eare low investments in the sector, followed by law\r\nand order \u003c/span\u003e\u003cspan style=\u0027letter-spacing:1.1pt\u0027\u003esituation in the regions\r\nwhere major mining operations take \u003c/span\u003eplace.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eInvestments and\r\nSavings\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eInvestment is a\r\nkey determinant of growth; however in FY 2010-11 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n1.05pt\u0027\u003ethe total investment as a percentage of GDP decreased from \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.8pt\u0027\u003e15.4% in FY 2009-2010 to 13.4%. Private sector\r\ninvestment fell \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.75pt\u0027\u003eby 1.7%, while public\r\nsector investment also declined by 0.3% in the FY 2010-2011. The decrease in\r\nthe indicators has adversely \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.7pt\u0027\u003eaffected\r\nthe economy as low investment from both the private and \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:1.0pt\u0027\u003ethe public sectors has led to a fall in the\r\naggregate demand in \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ethe economy, thus\r\nresulting in a decrease in the GDP growth.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eThe national and\r\ndomestic savings witnessed a marginal growth of 5.3% \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eand 2.1% respectively in comparison to the\r\nprevious year\u0027s figures of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e13.8% and\r\n9.5% of GDP in FY2010-11 as against 13.1 % and 9.3% of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003eGDP in FY 2009-10.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eFigure 4:\r\nStructure of Investment and Savings as Percentage of \u003c/span\u003eGDP\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shape id=\"_x0000_i1027\"\r\n type=\"#_x0000_t75\" style=\u0027width:349.5pt;height:140.25pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image005.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=466 height=187\r\nsrc=\"2011J58_files/image006.jpg\" v:shapes=\"_x0000_i1027\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003ePublic Debt\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003ePublic debt is the\r\noutcome of the developments taking place on the fiscal \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eand current account deficits; thus larger gap in\r\nthese two deficits cause the public debt to grow at an accelerated rate. Low\r\nfiscal and current \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eaccount deficits,\r\nalong with the stability in the exchange rate, are critical \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003ein maintaining public debt at a sustainable level.\r\nIn FY 2010-11, a \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003econsiderable rise in\r\nthe public debt has been observed where the external \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003edebt and liabilities from public sources equal\r\n91.6% of the total external \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003edebt and\r\nliabilities. Public and publicly guaranteed debt accounts for the largest share\r\nof the total external debt liability and stands at 78.2% in the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003equarter ending March 2011 which is a 5.8% growth\r\nover the preceding \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003efiscal year.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eCurrent Account\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eThe current account\r\nbalance has long suffered a current account deficit; \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.6pt\u0027\u003ehowever in the current FY the deficit turned to\r\nsurplus of US$ 99 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003emillion. The higher\r\nexport bill, strong and sustained inflows of workers \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003eremittances, logistic support related receipts and\r\ngrants received all \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003econtributed to\r\nthis improvement.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eFigure 5: Current\r\nAccount Balance as Percentage of GDP \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shape id=\"_x0000_i1028\"\r\n type=\"#_x0000_t75\" style=\u0027width:337.5pt;height:68.25pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image007.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=450 height=91\r\nsrc=\"2011J58_files/image008.jpg\" v:shapes=\"_x0000_i1028\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eTrade\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eThe preceding FY\r\nhas experienced a decrease in the balance of trade by \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ealmost US$ 3 billion. This fall is attributable to\r\nan increase in the growth \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.85pt\u0027\u003eof\r\nmerchandise export of about 27% in the fiscal year. \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eimports have also experienced a relative slowdown\r\nin growth due to an \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eoverall fall in\r\ndemand in the economy. The significant contributor in \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003eexport as always has been the textile sector.\r\nHowever, the wheat crop \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003ealso\r\ncontributed more than US$ 400 m to the export bill. The increase in \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eexports remained concentrated in few items namely,\r\ncotton, rice and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eleather. This\r\nreinforces the need for diversification if the economy is to avoid setbacks\r\nfrom natural disasters such as the recent floods, which disrupted manufacturing\r\noperations along with the severe damage to the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eraw material.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eOn the contrary,\r\nthe import bill also witnessed an increase of about US$ 4 billion in the FY\r\n2010-11 which primarily was driven by the \u0027Price \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eEffect\u0027 rather than the \u0027Quantity Effect\u0027. In the preceding fiscal year\r\nthe trade deficit improved by US$ 240 m.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eFigure 6: Trade\r\n(Import and Export Trend) - All Values in USD \u003c/span\u003eBillion\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shape id=\"_x0000_i1029\"\r\n type=\"#_x0000_t75\" style=\u0027width:321.75pt;height:91.5pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image009.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=429 height=122\r\nsrc=\"2011J58_files/image010.jpg\" v:shapes=\"_x0000_i1029\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eForeign Direct\r\nInvestment (FDI)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eForeign direct\r\ninvestment (private) stood at $ 1,232 million during July-April 2010-11 as\r\nagainst $ 1,725 million in last year, thereby showing a \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003edecline of 29%. This is mainly due to volatile\r\nsecurity condition in the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003ecountry,\r\nhigh interest rates, electricity outages and cuts in the Public \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eSector Development Program. The main attraction for\r\nforeign investors \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eremained the power,\r\noil and gas and financial businesses sectors of the \u003c/span\u003eeconomy.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eNo measures have\r\nbeen announced in the budget which shall act towards \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003ebuilding confidence of the potential foreign\r\ninvestors. It is therefore \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eanticipated\r\nthat this trend of fall in the FDI figures will continue in the succeeding\r\nyears.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eIn terms of the\r\neconomy\u0027s total size, investment dipped to 13.4% against \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003elast year\u0027s 15.4% which largely is a reflection of\r\ndeterioration of law \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eand order\r\nsituation, which reduced the foreign direct investment and \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003eincreased the cost of investment. However, in\r\nabsolute terms, total \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003einvestment grew\r\nand stood at PKR 2.5 trillion, which is PKR 300 billion \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003emore than last year.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eFigure 7: Foreign\r\nDirect Investment-Value in USD Billion\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shape id=\"_x0000_i1030\"\r\n type=\"#_x0000_t75\" style=\u0027width:349.5pt;height:116.25pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image011.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=466 height=155\r\nsrc=\"2011J58_files/image012.jpg\" v:shapes=\"_x0000_i1030\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eWorkers\u0027\r\nRemittances\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eDuring July --\r\nApril, 2011, overseas workers remitted an amount \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.35pt\u0027\u003eequivalent to $ 9.1 billion as compared to $ 7.3 billion last year\r\nthereby an increase of 23.8% has been witnessed. Keeping this trend in view, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003eremittances for the full-year are estimated to\r\nreach up to $ 12 billion. \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eMeanwhile,\r\n.with estimated trade deficit at $ 11.3\u0026quot;billion and workers\u0027 \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003eremittances of about $ 12 billion, the current\r\naccount deficit is estimated \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eto\r\ndecrease to around $ 1 billion in 2010-11 from the previous year\u0027s \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003edeficit of $ 3.9 billion.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eFigure 8: Workers\u0027\r\nRemittances Values in USD Billion\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shape id=\"_x0000_i1031\"\r\n type=\"#_x0000_t75\" style=\u0027width:343.5pt;height:73.5pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image013.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=458 height=98\r\nsrc=\"2011J58_files/image014.jpg\" v:shapes=\"_x0000_i1031\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eForeign Exchange\r\nReserves\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eThe current foreign\r\nexchange reserves of the country stand at USD 17.2 \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003ebillion which is approximately USD 500 million\r\nhigher in comparison to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eFY 2009-2010.\r\nThe contributors to this position of the foreign exchange \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003ereserves apart from the current account balance\r\nsurplus are the funds \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003efrom\r\ninternational donor / lending organizations.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eFigure 9: Foreign\r\nExchange Reserves - Values in USD Billion\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shape id=\"_x0000_i1032\"\r\n type=\"#_x0000_t75\" style=\u0027width:319.5pt;height:86.25pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image015.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=426 height=115\r\nsrc=\"2011J58_files/image016.jpg\" v:shapes=\"_x0000_i1032\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eInflation (CPI)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eInflationary\r\npressures were quite severe in the beginning of fiscal year \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003e2010-11 and became worse by the devastating\r\nfloods. The inflation \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003efigures touched\r\ntheir record high of 14.1 percent in FY 2010-11. The \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003emain driver of the CPI index has been the increase\r\nin the food prices. During FY 2010-11, food has remained the major driver of\r\nthe inflation on the back of supply disruptions due to floods as well as hike\r\nin prices of imported edibles. Food inflation recorded at 18.4 percent which\r\nhas \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003ebeen mainly due to increase in\r\nprices of sugar, milk, poultry, meat, fresh \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003evegetables and fruits owing to shortfall in production of these items and\r\n\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003esignificant increase in world food\r\nprices. The inflation based on non \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003efood\r\ncomponent witnessed an increase of 10.4% in this period.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eFigure 10:\r\nInflation\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027font-size:8.5pt;font-family:\"MS Sans Serif\";\r\nmso-bidi-font-family:\"MS Sans Serif\"\u0027\u003e\u003c!--[if gte vml 1]\u003e\u003cv:shape id=\"_x0000_i1033\"\r\n type=\"#_x0000_t75\" style=\u0027width:349.5pt;height:88.5pt\u0027\u003e\r\n \u003cv:imagedata src=\"2011J58_files/image017.png\" o:title=\"\"/\u003e\r\n\u003c/v:shape\u003e\u003c![endif]--\u003e\u003c![if !vml]\u003e\u003cimg width=466 height=118\r\nsrc=\"2011J58_files/image018.jpg\" v:shapes=\"_x0000_i1033\"\u003e\u003c![endif]\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eMonetary Policy\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eThe FY 2010-2011\r\nwitnessed an increase in interest rates by 150 basis \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003epoints. Since Nov. 2010 there has been no change in\r\nthe interest rates by \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003ethe government.\r\nThe government\u0027s effort to control inflation is falling \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003evictim to its own policy of extensive borrowing\r\nfrom the SBP to cover \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ethe fiscal\r\ndeficit.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eFinance Bill 2011 -- Highlights \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eIncome Tax\r\nOrdinance, 2001\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e* \u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eThe threshold of\r\ntaxable income for individual taxpayers is \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.3pt\u0027\u003eproposed to be enhanced from Rs. 300,000 to Rs. 350,000.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e* Minimum tax paid\r\nin terms of section 113 is proposed to be available for adjustment in five\r\nsubsequent years instead of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003ecurrently\r\nallowable period of three years.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003e* Waiver of \u0027profit\r\non debt\u0027 and principal outstanding, duly \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.35pt\u0027\u003eapproved under the schemes issued by the SBP, is proposed to \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ebe treated as business income.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e* Permanent\r\nEstablishment of non-resident person is proposed to \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ebe brought under the Final Tax Regime on account of\r\nthe supply \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eof goods and execution of\r\ncontract.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e* Tax deduction\r\nunder section 153 of the companies on provision of services is proposed to be a\r\nminimum tax.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e* The credit\r\nallowable to a company for enlistment in Stock \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.15pt\u0027\u003eExchange is proposed to be increased to 15% of tax liability as \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eopposed to the existing slab of 5%.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e* Upper limit for\r\ninvestment in new shares for claiming tax credit \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eproposed to be increased from Rs. 300,000 to Rs. 500,000. Such \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003ecredit is also proposed to include premium paid\r\nfor life \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003einsurance policies in respect\r\nof individuals earning salaries and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ebusiness\r\nincome.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e* \u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eA tax credit\r\nequal to 100% of the tax payable is proposed to be \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.95pt\u0027\u003eallowed for a period of five years to a company\r\nwhich \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eestablishes a new industrial\r\nundertaking owning 100% equity \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eand\r\nengaged in manufacturing in Pakistan or makes investment \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eunder BMR relating to purchase and installation of\r\nplant and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003emachinery in an existing\r\nundertaking.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003e* Monetary\r\nthreshold of taxable income for filing of wealth \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003estatements by individuals or members of AOP is proposed to be \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003eenhanced from Rs. 500,000 to Rs. 1,000,000.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e* An industrial or\r\ncommercial electricity connection holder is also \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eproposed to file income tax return if his annual electricity bill exceeds\r\nRs. 1 million.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e* A single member\r\ncourt of Appellate Tribunal Inland Revenue is \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eproposed to dispose of cases involving tax or penalty threshold \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003enot exceeding Rs. 1 million instead of present\r\nlimit of Rs. 5 \u003c/span\u003emillion.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003e* Monthly filing\r\nof statements by withholding tax agents is \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eproposed as against on quarterly basis.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e* Rate of tax on\r\ndividend income received by a commercial bank \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003efrom an asset management company is proposed to be enhanced \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003efrom 10% to 20%.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e* Rate of\r\nwithholding tax on cash withdrawals is proposed to be \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003ereduced from 0.3% to 0.2%.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e* Final Tax Regime\r\n@ 10% prescribed for profit on debt in the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.45pt\u0027\u003ehands of individuals and non-corporate sector in respect of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.95pt\u0027\u003eincome from schemes of the Federal or the\r\nProvincial \u003c/span\u003eGovernment.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e* Excess provision\r\nover the prescribed limit of 5% for bad and doubtful debts in respect of\r\nconsumer and small and medium enterprises is allowed to be carried forward to\r\nfuture years.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSALES TAX ACT, 1990\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e* To facilitate\r\ncash flow of industrial sector full adjustment of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003esales tax paid on import or local purchase of\r\ncapital goods has \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ebeen allowed.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e* Exemption of\r\nsales tax withdrawn on defence stores at import \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.55pt\u0027\u003eand local supply to bring it in line with international best \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003epractices.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e* Sales tax\r\nexemption regime rationalized to reduce its scope to selected sectors.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e* Value addition\r\ntax levied on commercial importers enhanced \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.3pt\u0027\u003efrom 2% to 3%.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e* Sales tax\r\nexemption withdrawn on cement/concrete blocks and \u003c/span\u003ebricks.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e* Sales tax\r\nleviable on sugar at import and local supply stage has been withdrawn and\r\nfederal excise duty @ 8% is levied instead.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003e* Zero-rating\r\nregime rationalized to limit its application to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eselected sectors.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003e* Specific\r\nprovisions for enforcement of blacklisting regime.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e* A new designation\r\nintroduced namely Inspector Inland Revenue \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eas an authority under the Sales Tax Act, 1990.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e* Rejection of\r\nrefund claim where directly or indirectly incidence \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eis passed on to the consumers.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e* FBR empowered to\r\ncondone time limit in time bound cases dealt by authorities specified in\r\nsection 30 of the Sales Tax Act, 1990.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eFEDERAL EXCISE\r\nACT, 2005\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003e* Quantum of\r\nexcise duty reduced on cement.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e* Reduction in the\r\nrate of the federal excise duty leviable on \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eaerated beverages from 12% to 6%.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e* Federal excise\r\nduty on services provided by property developers \u003c/span\u003eor promoters abolished.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e* Exemption on\r\nlocal supply of reclaimed lead to recognized \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.05pt\u0027\u003emanufacturers of lead batteries.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e* Excise duty slab\r\nrevised upward to enhance the burden of the federal excise duty on locally\r\nproduced cigarettes.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003e* Federal excise\r\nduty rationalized on filter rods for cigarettes from \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003eRs.1 per filter rod to 20% ad valorum.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e* Federal excise\r\nduty on un-manufactured tobacco is being \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eenhanced from Rs. 5 per kg to Rs. 10 per kg.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003e* Uniformity\r\nproposed in the period of recovery of federal excise\u0026quot; \u003c/span\u003eduty and\r\nsales tax.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e* Confiscation\r\nprovisions extended to beverages along with \u003c/span\u003ecigarettes.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e* Time limit prescribed to decide the case after\r\nissuance of show cause notice.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e* Various provisions of the Federal Excise Act, 2005\r\nharmonized with the Sales Tax Act, 1990.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eCUSTOMS ACT,\r\n1969\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e* Regulatory Duty\r\nremoved on edible items, furniture, toiletries \u003c/span\u003eand make-up items.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e* Custom duty\r\nreduced to 5% on pharmaceutical raw materials.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e* Concession\r\nprescribed for butyl acetate industry through \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.05pt\u0027\u003econcession on import of its raw materials (Sabutol).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e* Incentives\r\nprovided for glass industry raw materials namely \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.15pt\u0027\u003e\u0026quot;mirror backing paint\u0026quot; and \u0026quot;waste / scrap of glass\u0026quot;.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003e* Incentive for CNG\r\ncompressors manufacturing industry \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eprescribed\r\nthrough concession on 15 components.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e* Concession\r\nextended to machinery and equipment for oil \u003c/span\u003eexploration companies.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e* Concession\r\nextended to raw material of audio cassettes.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e* Incentive\r\nextended for hi-tech car audio manufacturing industry \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003ethrough concession on import of mechanism for car\r\naudio \u003c/span\u003esystem.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e* Corrections\r\nprescribed in industrial SRO 565(1)/2006 to ensure \u003c/span\u003eexpeditious\r\nclearance.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e* Tariff\r\nrationalized on bars, rods and profiles of refined copper \u003c/span\u003eand copper\r\nalloy.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e* Separate PCT\r\ncodes prescribed for brass scrap and armored cash \u003c/span\u003ecarrying vehicle.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e* Tariff\r\ncorrection to remove ambiguity in re-import scheme.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e* Duty draw back\r\nintroduced in respect of supply of goods against \u003c/span\u003einternational tenders.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e* Extension of\r\nlimitation period from three to five years for cases \u003c/span\u003eunearthed during\r\naudit.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e* Limitation\r\nperiod for claim of refund to be counted from the \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003edate of\r\nfinalization of the case (order / decision / judgment).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e* \u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eEnabling\r\nprovision introduced for collection of transit fee in the \u003c/span\u003eCustoms Act,\r\n1969.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eOTHER LAWS\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e* Finance Act, 1989\r\n(V of 1989) - Capital Value Tax\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003e* Withdrawal of\r\nCapital Value Tax (CVT) is proposed on \u003c/span\u003epurchase of modaraba certificate\r\nor a registered instrument of \u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eredeemable\r\ncapital or shares of a public company, listed on a registered stock exchange in\r\nPakistan by a resident person.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e* Securities and Exchange Commission of Pakistan Act,\r\n1997 (XLII of 1997)\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003eIt is proposed that the\r\nSecurities and Exchange Commission of \u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ePakistan\r\n(SECP) shall remit any surplus of receipts over the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.95pt\u0027\u003eactual expenditure in a financial year to the\r\nFederal \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eConsolidated Fund and any\r\ndeficit from the actual expenditure \u003c/span\u003eshall be made up by the\u003csub\u003e.\u003c/sub\u003e\r\nFederal Government.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:\r\n.45pt\u0027\u003eAll fines and penalties imposed and collected by the SECP \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eare also proposed to be credited to the Federal\r\nConsolidated \u003c/span\u003eFund.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e* Oil and Gas\r\nRegulatory Authority Ordinance, 2002 (XVII of \u003c/span\u003e2002)\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:\r\n.6pt\u0027\u003eIt is proposed that the Oil and Gas Regulatory Authority \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.15pt\u0027\u003e(the Authority) shall remit any surplus of\r\nreceipts over the actual \u003c/span\u003eexpenditure in a financial year to the Federal\r\nConsolidated Fund \u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eand any deficit from the\r\nactual expenditure shall be made up by \u003c/span\u003ethe Federal Government.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:\r\n.15pt\u0027\u003eAll fines and penalties imposed and collected by the Authority \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eare also proposed to be credited to the Federal\r\nConsolidated \u003c/span\u003eFund.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eSUMMARY OF\r\nCHANGES IN THE\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eINCOME TAX\r\nORDINANCE, 2001\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eDefinition of\r\nassessment\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.7pt\u0027\u003eSection 2(5).---The\r\nbill seeks to include the words \u0026quot;provisional \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003eassessment\u0026quot; in the definition of assessment.\r\nThe proposed change is \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003emore of\r\nrectificatory in nature as power to make provisional assessment, \u003c/span\u003ealready\r\nexists uncle\u0026quot; the provisions of sections 122C and 123.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eDefinition of\r\nCollective Investment Scheme\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSection\r\n2(11c).---The bill seeks to insert definition of above and has \u003c/span\u003eadopted\r\nthe same from Non-Banking Finance Companies (Establishment \u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003eand Regulation) Rules, 2003 which states:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;text-indent:.5in;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eCollective investment scheme means a close-end, fund and an \u003c/span\u003eopen-end\r\nscheme:\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eThe proposed\r\ndefinition is for the purpose of Clause (99) of the Part I of the Second\r\nSchedule to the Income Tax Ordinance, 2001.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;text-indent:.5in;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:\r\n.3pt\u0027\u003eWaiver of profit on debt and debt\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;text-indent:.5in;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:\r\n.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSection\r\n(18)(1)(d).---In order to revive sick units, as part of policy the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003eState Bank of Pakistan Banking Policy Department\r\nissued Circular No. \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e29 of 2002 and\r\nother schemes from time to time to provide relief to sick \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003eindustries which defaulted in repayment of profit\r\non debt or principal \u003c/span\u003eamount of debt.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eThe tax department had been attempting to tax such\r\nrelief of waiver of \u003cspan style=\u0027letter-spacing:-.15pt\u0027\u003eprincipal amount of\r\ndebt but judicial pronouncements held that waiver of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.05pt\u0027\u003eprincipal amount of debt does not constitute\r\nincome in the hands of the \u003c/span\u003etaxpayers.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eThe bill seeks to\r\nclarify by way of insertion of an explanation in\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003esection 18(1)(d)\r\nthat such a waiver of profit on debt as well as debt \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003econstitutes income chargeable to tax under the head\r\nincome from \u003c/span\u003ebusiness.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eThis amendment is\r\nnegation of the policy of the Government to revive \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003esick units. It is to be appreciated that when a\r\nsick unit did not have the ability to discharge principal amount of debt, how\r\nit can pay tax upon waiver of debt? The implementation of this provision will\r\nresult in a \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ehardship situation\u0027. The\r\nproposed amendment, if implemented, will \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eprovoke tax litigations as tax officers would like to amend assessments \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003eunder the provision of section 122(5A) till the\r\nperiod such assessments \u003c/span\u003ecan be amended under the law.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eInvestment in\r\nshares and insurance policies\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSection 62.---The\r\nproposed substitution seeks to enlarge the scope to \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003einclude within its ambit investment in life\r\ninsurance policies and provide tax incentive by way of tax credit in respect of\r\npremium paid on a life \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003einsurance\r\npolicy to a life insurance company registered with the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003eSecurities and Exchange Commission of Pakistan\r\nunder \u0027the Insurance \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eOrdinance, 2000,\r\n(XXXIX of 2000).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eThe bill does not change the other basis of allowing\r\ntax credit under this \u003cspan style=\u0027letter-spacing:.1pt\u0027\u003esection except that the\r\ntax credit shall be calculated at the lower of 15 % of the taxable income of\r\nthe person or Rs.500,000 or the total cost of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n-.1pt\u0027\u003eacquiring the shares/the total contribution/premium paid on life\r\ninsurance \u003c/span\u003epolicies. Presently this\u0027 threshold is equal to 10% of the\r\npersons taxable \u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eincome of the year or\r\nRs.300,000.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eThe bill also seeks to enhance minimum holding period\r\nof investment in \u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eshares to 36 months from\r\nexisting prescribed holding period of 12 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.05pt\u0027\u003emonths from the date of acquisition of shares to avail this tax\r\nincentive.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eIn case of disposal\r\nof shares within the period of three years, the tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003ecredit already availed by the taxpayer shall be\r\ndisallowed by the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eCommissioner in the\r\nyear of disposal of shares. However, it is not clear \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eas to how the tax credit already allowed will\u0027 be\r\nwithdrawn whether \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003ethrough the\r\namendment of assessment or otherwise.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.15pt\u0027\u003eThe purpose and\r\nintent behind the proposed changes appear to encourage \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003etaxpayers to take a long term position in fresh\r\nissuance of shares on \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eRegistered\r\nStock Exchanges or disinvestment through Privatization \u003c/span\u003eCommission, The\r\nabove is a positive change from the point of view of \u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003epromotion of investment in life insurance policies. However long term \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003eview on investments may not be seen that\r\nencouraging.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eContribution to\r\nan Approved Pension Fund\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSection\r\n63(2)(iii).---The bill seeks to omit clause (iii) from the statute \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003ebook to remove the existing limit of Rs.\r\n500,000,to allow of tax credit \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eavailable\r\nin respect of premium or total contribution made in the year by \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003ea person towards the approved pension fund under\r\nVoluntary Pension \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eSystem Rules, 2005.\r\nAfter the proposed change the existing limit of tax credit is allowable on the\r\nbasis of lower of:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e(a) total\r\ncontribution or premium paid by the person in the year;\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e(b) twenty percent\r\nof the eligible person\u0027s taxable income for the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.3pt\u0027\u003erelevant tax year; or\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e(c) fifty percent,\r\nof the total taxable income of the preceding year.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eTax credit for\r\nlisting on Registered Stock Exchange\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eSection\r\n65C(1).---The proposed amendment seeks to enhance the tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003ecredit to 15% from existing limit of 5% for a\r\ncorporate taxpayer which \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eopts to list\r\nitself on any Registered Stock Exchange in Pakistan. Tax credit is available in\r\nthe shape of reduction in tax payable for the tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eyear in which the company would be enlisted.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eThis is a one time\r\nincentive but\u0027 positive in nature and will promote \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003elisting or, conversion of private and public\r\nunlisted companies into listed \u003c/span\u003ecompanies.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eTax credit for\r\nequity investment\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSection 65D.---A\r\nnew section is proposed to be inserted in the Ordinance \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003ewhich provides \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003efor tax incentive\r\nequal to 100% credit of tax payable in \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.7pt\u0027\u003ethe\r\nyear any taxpayer being a company, which establishes a new \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eindustrial undertaking for manufacturing activity\r\nin Pakistan or invests \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eany amount for\r\npurchase and installation of machinery for the purpose of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003eBalancing, Modernization and Replacement (BMR) of\r\nplant and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003emachinery in an existing\r\nindustrial undertaking established and owned by \u003c/span\u003eit.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eThis incentive is\r\navailable to holding company which owns 100% equity \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eof the subsidiary company. The incentive is\r\navailable for investment on \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eor after\r\nJuly 01, 2011 for a period of five years or commencement of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003ecommercial production whichever is later.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eHowever, in the\r\nevent the Commissioner Inland Revenue discovers on \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003ethe basis of documents or otherwise that any of the\r\ncondition stipulated \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003efor availing\r\nthis incentive was not fulfilled, he may re-compute the tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003epayable by the taxpayer for the relevant tax year\r\nby withdrawing the tax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ecredit\r\noriginally allowed, as if it was wrongly allowed.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eThe purpose behind\r\nthe proposed insertion is to promote industrialization\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003eand enhance\r\nmanufacturing activities in the country either in new \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003eventures or BMR in line with the Government\u0027s\r\nPolicy to promote \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eindustrial\r\nactivity. This is a positive change which will generate \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003eemployment and will provide economic opportunities\r\nto various segments \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u0027 \u0027of the society.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eUnexplained\r\nincome or assets\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSection\r\n111(1)(d)\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e.---The proposed\r\namendment seeks to enlarge the ambit \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eof\r\nunexplained income or assets by including in it the concealment or \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003efurnishing of inaccurate particulars of income\r\ncomprising suppression of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eproduction,\r\nsales or any amount chargeable \u0027to tax or suppression of any \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eitem of receipts liable to tax in whole or in\r\npart.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.7pt\u0027\u003eThe intention of\r\nthe legislature is to take punitive actions once \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003econcealment of income is detected. The focus of the Government is to \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003edocument the economy and enlarge the tax\r\ncollection by minimizing tax \u003c/span\u003eevasion.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eMinimum tax on\r\nthe income of certain persons\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eSection 113(2)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003e.---Presently minimum tax paid by a resident\r\ncompany or \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ean individual having a\r\nturnover of Rs.50 million or above in the tax year \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003e2009 or in any subsequent tax year or an AOP having\r\na turnover of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eRs.50 million or above\r\nin the tax year 2007 or in any subsequent tax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eyear, is adjustable against normal tax liability in succeeding three\r\nyears.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eThe bill seeks to\r\nextend the existing period of three years to five years to \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.7pt\u0027\u003eclaim adjustment of minimum tax paid in any tax\r\nyear. This is a \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003ebeneficial change as\r\nit will provide relief to those entities which have \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003etaxable income in succeeding years.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eDefinition of\r\nturnover\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eSection\r\n113(3)(a)\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e.---The bill seeks to\r\ninclude the word \u0027gross sales\u0027 as \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003epart\r\nof definition of turnover in addition to the word \u0027gross receipts\u0027. It appears\r\nthat the purpose behind the proposed insertion of \u0027gross sales\u0027 in \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003ethe ambit of turnover is to reflect the receipts\r\nfrom manufacturing \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eactivities.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eTaxation of\r\nincome of certain retailers\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eSection 113B(b).\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003e---This is a consequential change and rectificatory\r\nin nature to replace Chapter II of the Sales Tax Special Procedures Rules, 2006\r\nwith Chapter III of the Sales Tax Special Procedures Rules, 2007.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eReturn of income\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eSection\r\n114(1)(b)(viii)\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003e.---The bill seeks\r\nto insert sub-clause (viii)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003erequiring the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:1.3pt\u0027\u003eholders \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003eof\r\n\u003c/span\u003e\u003cspan style=\u0027letter-spacing:1.3pt\u0027\u003ecommercial \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.8pt\u0027\u003eor \u003c/span\u003e\u003cspan style=\u0027letter-spacing:1.3pt\u0027\u003eindustrial\r\n\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003econnections of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eelectricity to mandatorily file return of income\r\nwhere the amount of bill \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eexceeds Rs.1\r\nmillion in any year.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eThis is an\r\nimportant change as it will highlight number of consumers of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eelectricity who may be non-filers for one reason\r\nor the other. Although \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ethe Government\r\nhad the powers and was always in a position to obtain \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003einformation about such electricity consumers from\r\nelectric distribution \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ecompanies and\r\ntake necessary actions.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eSection 114(1A)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003e.---A new section is proposed to be inserted\r\nwhereby \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.7pt\u0027\u003epersons enjoying income from\r\nbusiness\u0027, between Rs.300,000 to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eRs.350,000\r\nin a tax year who although are not liable to pay income tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003eon such income but are mandatorily required to\r\nfile their return of \u003c/span\u003eincome.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eThe purpose behind\r\nthe proposed change is to promote documentation by \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003erequiring persons earning income below the taxable\r\nthreshold to file \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ereturn of income.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eSection\r\n114(2)(d) \u0026amp; (e).\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e---The new\r\nsub-clauses are proposed to be \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003einserted\r\nrequiring any person filing the return of income to pay any tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003edue with the return and also file wealth statement,\r\nif required under the provisions of section 116.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eWealth statement\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSection 116(2)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003e.---The bill seeks to:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e(a) enhance the\r\nmonetary threshold for filing of wealth statement for \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003ea resident taxpayer, being an individual, from\r\nRs.500,000 to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eRs.1,000,000; and\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e(b) require all\r\nindividuals being members of an AOP whose share \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n1.0pt\u0027\u003efrom income of such AOP, before tax, for the year is \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003eRs.1,000,000 or more to file their wealth\r\nstatements and wealth \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003ereconciliation\r\nstatements along with the return of income of the \u003c/span\u003eAOP.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eSection 116(2A)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.65pt\u0027\u003e.---A new subsection is proposed to be inserted in\r\n\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003ethe statute book whereby in case of a\r\nprovisional assessment under \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003esection\r\n122C a person being an individual or member of AOP, files a \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003ereturn such return shall be accompanied by a wealth\r\nstatement and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ereconciliation\r\nstatement explaining the source of acquisition of assets and \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003ein case of a member of an AOP with wealth statement\r\nand reconciliation statement explaining sources of acquisition of assets\r\nspecified, of all the \u003c/span\u003emembers.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eAppeal to the Commissioner (Appeals)\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eSection 127(1)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003e.---The proposed amendment seeks to restrict a\r\nperson \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eagainst whom a provisional\r\nassessment order under section 122C has \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003ebeen framed from filing an appeal to the Commissioner Appeals against\r\nsuch an order. It is interesting to note that under the law a provisional\r\nassessment order attains status of final assessment order upon expiry of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003esixty days at which stage first appeal becomes\r\nbarred by time.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eThe above is\r\nagainst the principle of natural justice and judicial \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003ejudgments, which stipulate that all orders raising\r\ntax liability against the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003etaxpayers\r\nare subject to appeals. This amendment may not be able to \u003c/span\u003ewithstand the\r\ntest of constitutional petitions, if filed against the proposed amendment.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eAppointment of the Appellate Tribunal\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003eSection 130(8A) \u0026amp; (8AA).\u003c/u\u003e---The proposed\r\namendment seek to curtail the \u003cspan style=\u0027letter-spacing:.1pt\u0027\u003emonitory threshold\r\nfrom existing limit of Rs.5 million to Rs.1 million as \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eregards the amount of tax or penalty involved to\r\nbe heard by a single bench. Additionally, the word Chairman is proposed to be\r\nreplaced by \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ethe word Chairperson to\r\ninclude the possible appointment of both the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003egenders to this position.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eThe curtailment of\r\nlimit is a positive change as cases involving revenue \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eupto Rs.5 million to be heard by single bench\r\nappeared unreasonable.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eDisposal of\r\nappeals by the Appellate Tribunal\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eSection 132(2).\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003e---The proposed amendment seeks to remove the word \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003e\u0026quot;may if it deems fit, dismiss the appeals in\r\ndefault\u0026quot; from the statute \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003ebook\r\nwhereby curtailing the power of the Tribunal to dismiss She appeals \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003efor non-appearance of the any party to the appeal.\r\nWith the proposed \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003echange the tribunal\r\nmay in ex parte proceedings decide the case on the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ebasis of available record.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eDue date for payment of tax\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eSection 137(2)\r\nproviso.\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e---The proposed amendment\r\nseeks to insert the\u0027 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eword\r\n\u0026quot;immediately clarifying\u0026quot; that in case of passing of provisional \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.9pt\u0027\u003eassessment order under section 122C, the tax shall\r\nbe payable \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u0026quot;immediately\u0026quot;\r\nafter the expiry of 60 days from the date of service of the \u003c/span\u003enotice.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eAdvance tax paid by the taxpayer\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eSection 147(5B)\r\nfirst proviso\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e.---The proposed\r\namendment seeks to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eenhance the period\r\nfor payment of advance tax from 7 days to 21 days in \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003ecase of advance tax on capital gains on sale of\r\nsecurities. This will \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eprovide some\r\nrelief to the taxpayers.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003ePersons not required\r\nto furnish a return of income\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eSections 151(3)\r\n\u0026amp; 115(4)\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e.---The proposed\r\nchanges seeks to bring profit \u003c/span\u003eon debt arising to a taxpayer other than a\r\ncompany in Final Tax Regime \u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e(FTR) arising on\r\nthe securities issued by the Federal Government or \u003c/span\u003eProvincial Government\r\nor the Local Government. Presently income from \u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003esuch securities are taxed on net income basis.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eIt is interesting to note that securities of the\r\nFederal and the Provincial \u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eGovernments were\r\nnot issued to individual or non-corporate taxpayers and it appears that it is\r\nthe intention of the Government to issue such \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n-.15pt\u0027\u003esecurities in future to individuals or non-corporate taxpayers as well.\r\nThe \u003c/span\u003eGovernment intends to raise funds from non-corporate sector as well\r\nand \u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003ereduce burden of government borrowings\r\non banking system or corporate \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003esector\r\nas part of its policy to finance its budgetary deficits.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eConsequential\r\nchanges are also proposed in section 115(4) whereby non-\u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ecorporate taxpayers are not required to file their\r\nreturns of income in \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003erespect of above\r\nsource of income rather now would file prescribed \u003c/span\u003estatements under\r\nsection 165.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003ePayment of goods and services\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eSection 153,168\r\n\u0026amp; 169\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e.---Under the existing\r\nprovisions, permanent \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eestablishment of\r\nthe non-resident were not covered under the final tax regime and were required\r\nto be assessed under the normal tax regime in \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.05pt\u0027\u003eline with provisions of section 105.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eTax withheld on payments received by companies\r\nproviding services by \u003cspan style=\u0027letter-spacing:.25pt\u0027\u003evirtue of the proviso\r\nwas not treated as minimum tax which had also \u003c/span\u003ebeen clarified by the\r\nBoard vide Circular No.6 of 2009 dated August 18, \u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003e2009. Subsequently vide internal letter issued on April 26, 2011 the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003eBoard in supersession of Circular No. 6 of 2009\r\nclarified that tax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003ededucted on\r\npayments for rendering of services is to be treated as \u003c/span\u003eminimum tax in\r\nall cases. Exemption certificates under section 153(1)(b) were denied by the\r\ntax authorities to companies providing services on the basis of the\r\nclarification issued by the Board. Petitions have been filed \u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003echallenging the later clarification issued by the\r\nBoard in the High Court.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eThe substituted\r\nsection proposes to bring within the ambit of final tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eregime payments received by permanent\r\nestablishment of the non \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eresident. It\r\nalso proposes to enlarge the scope of minimum tax regime to \u003c/span\u003ecompanies\r\nproviding or rendering services. It further proposes to define \u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eturnover to include Sales Tax and Federal Excise\r\nDuty or any trade \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003ediscounts shown on\r\nthe invoice. In our view this is a typographical error \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eand the intent was to define gross payment since\r\nthe term turnover has \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003enot been used in\r\nthe section. Yarn traders receiving payments from \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003etaxpayers covered under the zero rated regime of\r\nsales tax have been \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eexempt from the\r\napplication of this section. The Commissioner has \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003efurther been empowered to allow deduction of tax at\r\nreduced rate.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eCertain referential\r\nchanges due to the substitution of the section have \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003ebeen proposed in sections 168 and 169.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eWithdrawal of balance under Pension Fund\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eSection 156B\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003e.---The bill seeks to increase the exemption of\r\nwithdrawal \u003c/span\u003efrom twenty five percent to fifty percent of the accumulated\r\nbalance at or \u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eafter the retirement age from\r\napplication of the withholding provision.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eWithholding tax statements\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eSection 165\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003e.---Withholding agents were required to file\r\nquarterly \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003estatement instead of monthly\r\nstatement vide amendment made through \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003ethe\r\nFinance Act, 2010. The proposed amendment seeks to revert back to the position\r\nof requiring withholding agents to file monthly statements \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.15pt\u0027\u003einstead of quarterly statements. It additionally\r\nplaces the responsibility of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eproviding\r\ninformation in the statement with regards to Computerized \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003eNational Identity Card Number or National Tax\r\nNumber of the person \u003c/span\u003ewhose tax has been withheld.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eSubsection (2) which requires quarterly statement to\r\nbe filed on or before \u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e20th day of the\r\nsucceeding month is being substituted to curtail the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003eperiod of filing the statement by 15th day of the\r\nsucceeding month.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eA new subsection (6) is proposed to be inserted\r\nwhereby every employer \u003cspan style=\u0027letter-spacing:-.15pt\u0027\u003ewould additionally\r\nbe required to file annual statement even in respect of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003eemployees whose annual salary exceeds three\r\nhundred thousand rupees.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eOffences and penalties\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSection 182(1)\r\nTable S.No.1\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e.---Under the existing\r\nprovision for non-\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003efiling of return of\r\nincome or a statement under section 115 or a wealth statement or wealth\r\nreconciliation statement or a statement under section \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003e165 by the due date, penalty equal to 0.1% of the\r\ntax payable for each \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eday of default\r\nsubject to a minimum of five thousand rupees and a \u003c/span\u003emaximum of 25% of the\r\ntax payable is attracted. The tax authorities have \u003cspan style=\u0027letter-spacing:\r\n.45pt\u0027\u003ebeen attempting to interpret the words \u0026quot;tax payable\u0026quot; to mean\r\ntax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003ecalculated by applying the\r\napplicable rates to the taxable income of the \u003c/span\u003etax payable, ignoring the\r\nprovisions of section 4 and the decision of the \u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eappellate authorities. The Appellate Tribunal has held that tax payable \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003emeans the amount payable with the return and not\r\nthe amount calculated by applying the rate of tax to the taxable income of the\r\ntax payer. The \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003edepartment filed a\r\nreference application in the Honorable Sindh High \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eCourt against the decision of the Appellate\r\nTribunal on the issue. The \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eHonourable\r\nSindh High Court while upholding the interpretation of the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eAppellate Tribunal dismissed the departmental\r\nreference in limine.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.75pt\u0027\u003eThe bill proposes\r\nto insert an explanation to clarify that the term \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003e`tax payable\u0027 for the above mentioned default to\r\nmean \u0027tax chargeable on \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003ethe taxable\r\nincome\u0027 on any assessment made or treated to have been \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003emade under sections 120, 121, 122 or 122C. In our\r\nview, the proposed \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003einsertion apart\r\nfrom being an attempt to nullify the decision of the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003esuperior court, is also against the principle of\r\nnatural justice since its \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eimplementation\r\nwould not allow the benefit of any tax payments, tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003ecredits and refunds due to the taxpayer under the\r\nOrdinance.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eAdvance ruling\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eSection 206A(1)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.65pt\u0027\u003e.---The proposed insertion restricts the scope by \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003eproviding that non-resident having permanent\r\nestablishment in Pakistan \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ecan not\r\napply for advance ruling to the Board. As a result this provision \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.65pt\u0027\u003eshall only be available for nonresidents who do\r\nnot have a PE in \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003ePakistan. This\r\namendment will provide set-back to the concept of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eadvance ruling.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eAdvance tax at\r\nthe time of sale by auction\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSection 236A(1)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003e.---The proposed insertion seeks to enlarge the\r\nscope of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ewithholding tax provision to\r\ncover any auction by a tender. In a recent \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.15pt\u0027\u003ejudgment of the appellate forum it was held that auction by tender is\r\nnot \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ecovered within the provision of\r\nexisting law.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eAdvance tax on\r\npurchases of air ticket\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eSection 236B(3)\r\n\u0026amp; (4)\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e.---The proposed\r\ninsertion seeks to clarify that the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003etax\r\ncollected is adjustable against the final tax liability of the person. Further\r\nthe tax is not collectable on tickets purchased by the Federal \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003eGovernment or Provincial Government or a person who\r\nproduces a \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003ecertificate from the\r\nCommissioner Inland Revenue that income of such person during the tax year is\r\nexempt.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eFirst Schedule\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003ePart I, Division-I\r\nClause (1).---The proposed amendment seeks to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eremove the word association of persons (AOP) from the First Schedule \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003ehaving become redundant effective tax year 2011.\r\nThe flat rate of tax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eapplicable to\r\nAOP was 25% as provided in Division IB.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eMinimum taxable\r\nthreshold and tax benefit\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ePart I, Division-I Clause\r\n(I) \u0026amp; (1A).---The bill proposes to increase the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eminimum threshold for the purposes of levy of tax\r\non the taxable income to Rs.350,000 for all individuals.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eNon salaried\r\npersons\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eThe substituted\r\ntax tariff will provide relief to the extent indicated \u003c/span\u003ebelow.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eTaxable income up to\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eProposed slab\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003ePrevious\u003c/span\u003e slabs\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eTax saving\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eRupees\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eRate %\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003eRate %\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border-top:none;border-left:\r\n  none;border-bottom:solid 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style=\u0027width:110.7pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e23,250\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:4\u0027\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e325,000\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e0\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e7.5\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd 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valign=top style=\u0027width:110.7pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e1.50\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=148 valign=top style=\u0027width:110.7pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e-\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eCapital gains on\r\ndisposal of securities\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003ePart I,\r\nDivision-VII\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e.---Although there\r\nare no changes in effective tax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003erates\r\nthe proposed amendment seeks to correct the description of the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eholding period of securities.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eExports\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003ePart III,\r\nDivision-IV Clause (3)\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003e.---The bill\r\nproposes to provide \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003ecorrect reference\r\nto section 153 by replacing subsection (1A) with \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003esubsection (2).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\ntext-autospace:none\u0027\u003e\u003cb\u003eCash withdrawal from a bank\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003ePart IV,\r\nDivision-VI\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e.---The bill proposes\r\nto reduce the rate of advance tax on cash withdrawal from banks to 0.2% as\r\nagainst the existing rate \u003c/span\u003eof 0.3%.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSecond Schedule -- Part I\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eExemption from\r\ntotal income\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eThe bill proposes\r\nto omit the following clauses from the Schedule:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e* Clause\r\n(61).---Bank of Commerce and Credit International \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eFoundation for Advancement of Science and\r\nTechnology (Sub-clause xi).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.9pt\u0027\u003e* BCCI\r\nFoundation.(sub-clause-xxv).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.9pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e* Clause\r\n(74A).---Profit and debt payable to National Bank of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ePakistan on foreign currency loan of US $ 100\r\nmillion given to \u003c/span\u003ePSO.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e* Clause\r\n(93).---Profit and gain from any computer training \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003einstitutions or schemes recognized by the Board or\r\nEducation or \u003c/span\u003eUniversity.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e* Clause (114A).---Any\r\nincome chargeable under the head capital \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.5pt\u0027\u003egain derived by a person from sale of ships and all floating \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.6pt\u0027\u003ecrafts including tugs, dredgers, survey vehicles\r\nand other \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003especialized craft.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eThe bill propose to insert the following clause in\r\nthe Schedule:\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e* Islamic\r\nDevelopment Bank\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:1.1pt\u0027\u003eClause\r\n(107A).---Any income derived by the Islamic \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eDevelopment Bank from its operations in Pakistan in connection with its\r\nsocial and economic development activities.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSecond Schedule -- Part II \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eReduction in tax\r\nrates\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003eProfit on debt\r\npayable to non-resident having no Permanent \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eEstablishment in Pakistan\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eClause (5A)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003e.---A proviso is proposed to be inserted whereby\r\nthe tax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003ededucted on profit on debt\r\nfrom debt instruments, government securities \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eincluding treasury bills and Pakistan Investment Bonds shall be final\r\ntax \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eon profit on debts payable to a\r\nnon-resident person having no permanent \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eestablishment in Pakistan.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eSecond\r\nSchedule-- Part III\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eReduction in tax\r\nliability\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eTax on import\r\nof old and used automotive -vehicles\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eClause (4).--The\r\nbill seek to replace S.R.O.932(I)/2004 dated November\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e20,\r\n2004 by S.R.O. 577(1)/2005 dated June 06, 2005. The tax under \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003esection 148 of the Income Tax Ordinance, 2001 shall\r\nnot exceed the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eamount specified in\r\ncolumn (3) of the table bellow:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=79 valign=top style=\u0027width:59.4pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eS.No.\u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=252 valign=top style=\u0027width:189.0pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eAutomotive vehicles of\r\n  Asian\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e makes meant for transport of\u003c/span\u003e\r\n  person.\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=259 valign=top style=\u0027width:2.7in;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eDuty and taxes in US$\r\n  or equivalent amount in Pak \u003c/span\u003erupees.\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=79 valign=top style=\u0027width:59.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e(1)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=252 valign=top style=\u0027width:189.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e(2)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=259 valign=top style=\u0027width:2.7in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e(3)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=79 valign=top style=\u0027width:59.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e1\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=252 valign=top style=\u0027width:189.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eUp to 800cc\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=259 valign=top style=\u0027width:2.7in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eUS$ 4,400\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3\u0027\u003e\r\n  \u003ctd width=79 valign=top style=\u0027width:59.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e2\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=252 valign=top style=\u0027width:189.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eUp to 801 cc to\r\n  1000cc\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=259 valign=top style=\u0027width:2.7in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eUS$ 5,500\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:4\u0027\u003e\r\n  \u003ctd width=79 valign=top style=\u0027width:59.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e3\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=252 valign=top style=\u0027width:189.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eFrom 1001 cc to 1300\r\n  cc\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=259 valign=top style=\u0027width:2.7in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eUS$ 11,000\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:5\u0027\u003e\r\n  \u003ctd width=79 valign=top style=\u0027width:59.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e4\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=252 valign=top style=\u0027width:189.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eFrom 1301 cc to 1500\r\n  cc\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=259 valign=top style=\u0027width:2.7in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eUS$ 15,400\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:6\u0027\u003e\r\n  \u003ctd width=79 valign=top style=\u0027width:59.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e5\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=252 valign=top style=\u0027width:189.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eFrom 1501 cc to 1600\r\n  cc\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=259 valign=top style=\u0027width:2.7in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eUS$ 18,700\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:7;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=79 valign=top style=\u0027width:59.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e6\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=252 valign=top style=\u0027width:189.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eFrom 1601 cc to 180\r\n  cc (Excluding Jeeps)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=259 valign=top style=\u0027width:2.7in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eUS$ 23,100\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eThe provisions of\r\nsection 71(2) of the Income Tax Ordinance, 2001 state \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003ethat where an amount is in a currency other than\r\nrupees, the amount \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eshall be converted\r\nto the rupees at the SBP rate applying between the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003eforeign currency and the rupee on the date the\r\namount is taken into \u003c/span\u003eaccount.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSecond Schedule\r\n-- Part IV\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eExemptions from\r\nspecific provisions\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eMinimum tax\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eClause (11A).\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003e---The bill proposes to insert in sub-clause (i)\r\nto provide \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eexemption from minimum tax\r\nto a pension fund registered under the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eVoluntary\r\nPension Scheme Rules, 2005.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eIslamic\r\nDevelopment Bank\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.75pt\u0027\u003eClause (38C)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003e.---The bill proposes that the deduction of tax\r\nunder \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.95pt\u0027\u003esections 151, 152, 153 and 233\r\nshall not apply to the Islamic \u003c/span\u003eDevelopment Bank.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSeventh Schedule\r\nTaxation of Banking Companies\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eRule 1(c)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003e,---Presently, Rule 1(c) provides that\r\n\u0026quot;provision for doubtful \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eadvances\r\nand off balance sheet items\u0026quot; are admissible to the extent of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003e\u0026quot;1% of total advances\u0026quot; or actual\r\nwhichever is lower and \u0026quot;5% of \u003c/span\u003e\u003csup\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eC\u003c/span\u003e\u003c/sup\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eonsumers and small and\r\nmedium enterprises (SMEs)\u0026quot;.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eFurther, presently\r\nthe excess of 1 % of total advances threshold is \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.4pt\u0027\u003eallowed to be carried over to succeeding years. However, nothing is \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003estipulated in the Rule in respect of carried over\r\nof excess provision over \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e5% of\r\nconsumers and SMEs threshold.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eRule 1(c)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003e.---The proposed amendments seek to clarify the\r\nadmissibility \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eof doubtful advances for\r\nconsumers and SMEs on the basis of 5% of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.55pt\u0027\u003eadvances or actual whichever is lower. This benefit is available in \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003erespect of advances for consumers and SMEs with\r\neffect from July 01, \u003c/span\u003e2010.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eThe proposed\r\namendments also stipulates that excess of 5% threshold of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.85pt\u0027\u003econsumers and SMEs would also allowed to be\r\ncarried over to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003esucceeding years by\r\nvirtue of this amendment.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eRule 6 proviso\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003e.---The bill seeks to insert a new proviso in Rule\r\n6 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.7pt\u0027\u003ewhereby dividend received by a\r\nbanking company from its asset \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003emanagement\r\ncompany shall be taxed at the rate of 20%.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eThe intention\r\nbehind the proposed amendment is to tax the dividend income of the bank from\r\nits assets management operations at a higher \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003erate of 20% instead of normal rate of 10% which appears to be a revenue \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eenhancement measure from the existing taxpayers.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSummary of\r\nchanges in the\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eSales Tax Act,\r\n1990\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eScope of tax\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eSection 3B.\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003e---The proposed amendment seeks to reduce the rate\r\nof sales tax from 17% to 16% on all taxable supplies including goods covered \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eunder the Third Schedule to the Sales Tax Act,\r\n1990.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eThe rate of sales\r\ntax was enhanced by 1% i.e. from 16% to 17% last \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eyear through the Finance Act, 2010 despite suggestions for reduction in \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003erates from various forums.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eAdjustable Input\r\ntax\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003eSection 8B\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.6pt\u0027\u003e.---Under the existing provision a registered\r\nperson is \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003erestricted from claiming\r\ninput tax adjustment in excess of 90% of the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.3pt\u0027\u003eoutput tax. The adjustment of input tax paid on fixed assets was allowed \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003ein twelve monthly installments.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eBy virtue of the\r\nproposed substitution of the proviso the restriction \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003eof claiming input tax in excess of 90% has been\r\nmade ineffective \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.9pt\u0027\u003eand registered person\r\nhave also been facilitated to claim total\u0027 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.5pt\u0027\u003einput tax adjustment in the month it is paid on fixed assets or capital\r\ngoods.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eDe-registration,\r\nblacklisting and suspension of registration\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eSection 21(3)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003e.---The bill proposes insertion of new subsection\r\nto \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003eprescribe consequential effects of\r\nblacklisting and suspension of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eregistration\r\nof registered person in following manner:--\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;text-indent:-.5in;\r\nmso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e*\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e          \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eduring\r\nsuspension period, invoices issued will not be considered for the purposes of\r\nsales tax refund or input tax credit; and\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;text-indent:-.5in;\r\nmso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;text-indent:-.5in;\r\nmso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e*\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e          \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003eon\r\nblack listing of registered person, the refund or input tax \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003ecredit of invoices issued by such person whether\r\nissued prior to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eor after blacklisting\r\nwill be rejected through an order after \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eopportunity of hearing to such person.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eThe proposed\r\namendment though aimed at curbing issuance of fake \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003einvoices causing huge loss to exchequer will create\r\nhardship for business \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003ecommunity as the\r\nrejection of input tax credit or refund to genuine \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eacquirer of goods especially in case of those\r\ninvoices that were issued \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eprior to\r\nblacklisting of supplier will unduly increase the cost of business \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eas well as potential litigation.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eRevision of\r\nreturn \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/u\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eSection 26(3)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003e.---The proposed amendment seeks to permit revision\r\nof \u0027special returns\u0027 filed under section 27 of the Act with the permission of\r\nthe Commissioner Inland Revenue. Under the existing law only revision \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eof monthly returns is provided.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eAppointment of\r\nauthorities\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eSection 30\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003e.---The bill proposes to establishment of new tax\r\nauthority \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003enamely \u0027Inspector Inland\r\nRevenue\u0027 who shall be subordinate to Inland \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eRevenue Officer.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eAlternative\r\nDispute Resolution\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eSection 47A\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003e.---It is proposed that the Chairman FBR and a\r\nMember \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003enominated by him will be\r\nempowered to pass an order on being satisfied that an error exists in the order\r\nor decision of the Board passed on the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003erecommendations\r\nof Alternative Dispute Resolution Committee.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eRefunds\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eSection 66\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003e.---The bill also proposes that where the\r\nincidence of tax is \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003edirectly or\r\nindirectly passed on to the consumer; the registered person \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ewill not be entitled to claim refund of such\r\namount. Similar provisions \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003ealready\r\nexists in the section 3B of the Act, which provides that where \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003eany tax is inadvertently or under misapprehension\r\ncollected from the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003econsumer, the\r\nregistered person is required to deposit the same in the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003egovernment exchequer.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eCondonation of time limit \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003eSection\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e74\u003c/u\u003e.---The\r\nbill proposes to add an \u0027explanation\u0027 to clarify the\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eexpression that the Board has the powers to\r\ncondone any lapse of the department whereby limitation of any action is\r\nexpiring. The Board is also empowered to delegate this power of condonation to\r\nthe Commissioner. \u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eSince the amendment is proposed to be inserted\r\nthrough an \u0027explanation\u0027, it will be applicable retrospectively. However, in\r\ncase of past and closed transactions such condonation would be unjustified and\r\nadversely affects the vested rights of the registered person and would trigger\r\nuncalled for litigation. \u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSixth Schedule \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eThe bill proposes to withdraw exemption granted to\r\nfollowing items, with effect from June 4, 2011. \u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eTable I- Imports or Supplies \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eS.No.\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eDescription\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e29A\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eSurgical tapes\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e29B\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eUltrasound gel\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e30\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eDiapers for adults (patients)\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:4\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e34\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eBricks \u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:5\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e35\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eBuilding\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eblocks\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eof\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ecement\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eincluding\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eready\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003emix concrete blocks\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:6\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e41\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eComputer software\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:7\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e42\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eAmbulances,\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003efirefighting\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003evehicles,\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ewaste\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003edisposal trucks,\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ebrake\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003edown\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003elorries,\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eand\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003evehicles\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003efor\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ethe maintenance of\r\n  streetlights and overhead cables. \u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:8\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e43\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eAircrafts\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:9\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e44\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eShips, of gross tonnage exceeding 15 LDTs, excluding\r\n  those for recreational or pleasure purpose\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:10\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e62\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eDefence\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003estores,\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ewhether\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003emanufactured\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003elocally\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eor imported by the Federal Government\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:11\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e64\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eSpare pails and equipment for aircraft and ships covered\r\n  by serial number\u0027s 43 and 44 above\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:12\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e65\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eEquipment\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eand\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eMachinery\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003efor\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003epilotage,\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003esalvage\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eor towage for use in ports or airports\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:13\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e66\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003eEquipment and Machinery for air navigation\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:14\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e67\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eEquipment and\r\n  Machinery used for services provided for handling\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eof ships\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eor\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eaircrafts\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ein\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ea\r\n  customs-port\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eor customs-airport\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:15\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e68\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eSuch plant and\r\n  machinery as is notified by the Federal Government in the official Gazette\r\n  but if imported, these\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eshall\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ebe\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eentitled to\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eexemption\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003efrom sales\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003etax on\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eimportation\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eif\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003ethese\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eare\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003enot\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003emanufactured\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ein Pakistan. \u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:16\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e69\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eTractors,\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eBulldozers\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eand\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ecombined\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eharvesters;\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eand components\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:17;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e70\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eImport and supply of\r\n  fully dedicated CNG Euro-2 buses\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eTable II- Local\r\nSupplies only \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=97 valign=top style=\u0027width:72.9pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e5\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=493 valign=top style=\u0027width:369.9pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eSupply of such\r\n  agricultural implements as specified in a notification issued by the Federal\r\n  Government in the official Gazette.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eNotifications\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eFollowing changes\r\nare brought in sales tax law through notifications to be effective immediately:\r\n\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eS.R.O.\r\n480(I)/2011, dated June 3, 2011.--\u003c/span\u003e\u003c/b\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e-Exemption\r\nto machinery and equipment \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eFollowing\r\nnotifications are rescinded through this notification \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=313 colspan=2 valign=top style=\u0027width:234.9pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eReference\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=277 valign=top style=\u0027width:207.9pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eSubject\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=49 valign=top style=\u0027width:36.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=264 valign=top style=\u0027width:2.75in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eS.R.O.\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e1240(I)/2005\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003edated 16th Dec, 2005\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=277 valign=top style=\u0027width:207.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eExemption\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003edump\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003etrucks\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003efor off- highway use\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=49 valign=top style=\u0027width:36.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=264 valign=top style=\u0027width:2.75in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eS.R.O.\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e542(I)/2006\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003edated 5th June, 2006\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=277 valign=top style=\u0027width:207.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eExemption\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eto\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003esupply\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eand import\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eof\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eagricultural machinery and equipments \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3\u0027\u003e\r\n  \u003ctd width=49 valign=top style=\u0027width:36.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=264 valign=top style=\u0027width:2.75in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eSRO 275(1)/2008 dated\r\n  12\u003csup\u003eth\u003c/sup\u003e March 2008. \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=277 valign=top style=\u0027width:207.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e- do -\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:4;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=49 valign=top style=\u0027width:36.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=264 valign=top style=\u0027width:2.75in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eNotification\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eNo.\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003e1(3)STM/2004(PT-II)\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003edated\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e23\u003csup\u003erd\u003c/sup\u003e August, 2009\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=277 valign=top style=\u0027width:207.9pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eSales tax rate on\r\n  local supply of sugar\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e* S.R.O.\r\n481(I)/2011 dated June 3, 2011- conditional \u003c/span\u003eexemption\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eThrough this\r\nnotification, another notification namely S.R.O. 551(I)/ \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003e2008 dated June 11, 2008 which prescribed\r\nconditional exemption is \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eamended in\r\nthe following manner:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e- withdrawal of\r\nexemption on CNG Kits, cylinders and valves for \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n-.05pt\u0027\u003eCNG Kits, Commercial catalogues, Rock Phosphate, Phosphoric \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003eAcid and Mineral Oil 97% (W/V).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e- exemption to\r\nwhite crystalline sugar\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e- exemption to reclaimed lead if supplied to\r\nrecognized \u003cspan style=\u0027letter-spacing:.1pt\u0027\u003emanufactures of lead batteries.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e* S.R.O.\r\n482(I)/2011 dated June 3, 2011--- value addition tax on \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.2pt\u0027\u003ecommercial importer\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:\r\n.15pt\u0027\u003eThrough this notification, Sales Tax Special Procedure Rules, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003e2007 are now amended to enhance value addition tax\r\non \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003ecommercial importers from two per\r\ncent to three per cent of \u003c/span\u003evalue of goods.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e* S.R.O.\r\n485(I)/2011 dated June 3, 2011\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eThrough this\r\nnotification, S.R.O. 1161(1)/2007 dated 30 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eNovember, 2007 is rescinded which provided zero rating on \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003eimport of raw material for manufacturing of\r\ndiapers.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e* S.R.O.\r\n486(I)/2011 dated June 3, 2011- zero rating\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eThrough this notification, zero rating on various goods specified \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003ein S.R.O. 549(1)/2008 dated June 11, 2008 is\r\nwithdrawn on \u003c/span\u003efollowings:\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.8pt\u0027\u003e-- dedicated buses\r\nmeant for transportation of 40 or more \u003c/span\u003epassengers\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003e-- Trucks and dumpers\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-1.8pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-1.8pt\u0027\u003e---\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e   \u003c/span\u003e\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eTrailers\r\nand semi-trailers\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-2.2pt\u0027\u003e--\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e   \u003c/span\u003e\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eRoad\r\ntractors for semi-trailers, prime movers and road tractors -\u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.05pt\u0027\u003ewhole annexure to notification as annexed to\r\nentry No. 3 to the \u003c/span\u003enotification.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003e* S.R.O.\r\n487(1)/2011 dated June 3, 2011- revision of return\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;mso-pagination:\r\nnone;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eThrough this notification, the Sales Tax Rules, 2006 are now \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003eamended to withdraw facility of upward revision of\r\nreturn \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003ewithout permission. This\r\nrelaxation from seeking permission was earlier provided through S.R.O.\r\n278(I)/2010 dated April \u003c/span\u003e28, 2010.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003eSummary of\r\nchanges in the\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eFederal Excise\r\nAct, 2005\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eDefinition\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eSection 2(16)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003e.---The proposed amendment seeks to enlarge\r\ndefinition of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eword manufacture in\r\nrelation to tobacco by inclusion of activities or \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003epreparation of un-manufactured tobacco by drying,\r\ncutting and thrashing \u003c/span\u003eof raw tobacco.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eSpecial Excise\r\nDuty (SED)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSection 3A\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003e.---The bill proposes complete withdrawal of\r\nspecial excise \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eduty by omission of\r\nsection 3A from the Federal Excise Act, 2005 which \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:1.05pt\u0027\u003eempowered the Federal Government to levy SED.\r\nFurther, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eS.R.O.655(I)/2007 dated June\r\n29, 2007 through which SED was levied \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eby\r\nthe Federal Government is also rescinded with effect from July 1, \u003c/span\u003e2011.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eRecovery of\r\nunpaid duty\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eSection 14.\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003e---The bill also proposes to enhance the time\r\nperiod from \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003ethree years to five years\r\nfor serving of notice for recovery of unpaid or \u003c/span\u003eerroneously refunded\r\nduty.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eFurther, in line\r\nwith the provisions are contained in the Sales Tax Act, 1990, it is proposed to\r\nprescribe time limitation of 120 days for passing \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ean order after issuance of a show cause notice\r\nsubject to extension of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eperiod granted\r\nby the Commissioner upto a maximum of 60 days with \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003ereasons to be recorded in writing. It is also\r\nproposed that while \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003ecomputing the\r\ntime limitation, the period during which the proceedings \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eare adjourned due to a stay order or Alternative\r\nDispute Resolution \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003eCommittee (ADRC)\r\nproceedings or adjournment granted to the registered \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003eperson not exceeding 30 days, shall be excluded.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSimilar provisions\r\nexisted in section 31(3) of the Federal Excise Act, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003e2005 which were deleted by the Finance Amendment\r\nOrdinance, 2009 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003ethen on its expiry by\r\nthe Finance Amendment Ordinance, 2010 and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.05pt\u0027\u003efinally by the Finance Act, 2010.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eConfiscation of\r\nCigarettes and Beverages\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.75pt\u0027\u003eSections 26\r\n\u0026amp; 27\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.75pt\u0027\u003e.---The bill proposes to\r\nenlarge the scope of \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003econfiscation and\r\ndestruction provisions of the Act to beverages.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003ePresently, only cigarettes are subject to the\r\nprovisions of confiscation and destruction in above cited sections. \u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eAlternative Dispute Resolution \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eSection 38.---Similar to the provisions in the Sales\r\nTax Act, 1990; the bill proposes to prescribe time limitation of 45 days for\r\nthe Board to pass\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ean order based on the\r\nrecommendations of the Alternative Dispute\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n\u003c/span\u003eResolution Committee. \u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eFIRST SCHEDULE\r\n-- Table I \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003eThe bill also proposes to bring the following\r\namendments in the First Schedule to the Federal Excises Act, 2005: \u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eChange in rates \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=61 valign=top style=\u0027width:45.9pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eS.No.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=258 valign=top style=\u0027width:193.5pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eParticulars\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=132 valign=top style=\u0027width:99.0pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eExisting\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003erates in %\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=139 valign=top style=\u0027width:1.45in;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eProposed rates in % \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=61 valign=top style=\u0027width:45.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e4\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=258 valign=top style=\u0027width:193.5pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eAerated waters\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=132 valign=top style=\u0027width:99.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e12%\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=139 valign=top style=\u0027width:1.45in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e6%\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=61 valign=top style=\u0027width:45.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e5\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=258 valign=top style=\u0027width:193.5pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eAerated waters\r\n  containing sugar.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=132 valign=top style=\u0027width:99.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e12%\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=139 valign=top style=\u0027width:1.45in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e6%\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3\u0027\u003e\r\n  \u003ctd width=61 valign=top style=\u0027width:45.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e6\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=258 valign=top style=\u0027width:193.5pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eAerated waters if\r\n  manufactured locally\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=132 valign=top style=\u0027width:99.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e10%\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=139 valign=top style=\u0027width:1.45in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e6%\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:4\u0027\u003e\r\n  \u003ctd width=61 valign=top style=\u0027width:45.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e7\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=258 valign=top style=\u0027width:193.5pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eUnmanufactured Tobacco\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=132 valign=top style=\u0027width:99.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRs.5 per K.g\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=139 valign=top style=\u0027width:1.45in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRs.10 per K.g.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:5;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=61 valign=top style=\u0027width:45.9pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e13\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=258 valign=top style=\u0027width:193.5pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eCement (various\r\n  specified types)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=132 valign=top style=\u0027width:99.0pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRs.700 per\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003em.t\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=139 valign=top style=\u0027width:1.45in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRs.500 per m.t\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eExemption from\r\nlevy of duty: \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eS.No.\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eDescription of goods\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e17\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eSolvent oil\r\n  (non-composite)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e18\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eOther\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e21\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eOther fuel oils\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:4\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e26\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eMineral greases\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:5\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e28\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eTransformer oil\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:6\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e29\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eOther mineral oils\r\n  excluding sewing machine oil\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:7\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e30\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eWaste oil\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:8\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e39\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eCarbon black oil\r\n  (carbon black feedstock) including residue carbon oil\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:9\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e40\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eMethyl tertiary butyle\r\n  ether (MBTE)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:10\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e46\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eGreases\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:11\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e47\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eOrganic composite\r\n  solvents and thinners,\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003enot elsewhere\r\n  specified or included; prepared paint or varnish removers,\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e(i) Solvent oil (composite)\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e(ii) Other (excluding thinners) \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:12\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e48\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eViscose staple fiber\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:13\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e49\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eMotor cars and other\r\n  motor vehicles principally designed for the transport of persons (other than\r\n  those of heading 87,02), including station wagons and racing cars of cylinder\r\n  capacity exceeding 850cc.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:14\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e51\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eAir Conditioners\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:15;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e52\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=475 valign=top style=\u0027width:4.95in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eDeep Freezers\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e          \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eChange in basis\r\nof levy\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eS.No.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=240 valign=top style=\u0027width:2.5in;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eParticulars\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=120 valign=top style=\u0027width:1.25in;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eExisting\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eProposed\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e50\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=240 valign=top style=\u0027width:2.5in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eFilter rods for\r\n  cigarettes\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=120 valign=top style=\u0027width:1.25in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRe. 1 per rod\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e20% ad vol\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eInclusion of new\r\nitem - amendment to be effective immediately \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eS.No.\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=312 valign=top style=\u0027width:3.25in;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eParticulars\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=163 valign=top style=\u0027width:1.7in;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eProposed duty\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=115 valign=top style=\u0027width:1.2in;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e53\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=312 valign=top style=\u0027width:3.25in;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eWhite Crystalline\r\n  Sugar\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=163 valign=top style=\u0027width:1.7in;border-top:none;border-left:none;\r\n  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e8% ad val.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRationalization\r\nof duty on cigarettes \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=56 valign=top style=\u0027width:42.3pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eS.No.\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=298 colspan=2 valign=top style=\u0027width:223.35pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eExisting provisions\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=236 colspan=2 valign=top style=\u0027width:177.15pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eProposed\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=56 valign=top style=\u0027width:42.3pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=180 valign=top style=\u0027width:134.8pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eDescription\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRate\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eDescription\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.6pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRate\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2\u0027\u003e\r\n  \u003ctd width=56 valign=top style=\u0027width:42.3pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e9\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=180 valign=top style=\u0027width:134.8pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eIf\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eretail\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eprice exceeds\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eRs.\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e19.5\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eper 10 cigarettes\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e65%\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eof\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eretail\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eprice\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eIf\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eretail price Exceeds Rs.21\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eper\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003e10\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ecigarettes\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.6pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e65% of retail price\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:3;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=56 valign=top style=\u0027width:42.3pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e10\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=180 valign=top style=\u0027width:134.8pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eIf\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eretail\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eprice exceeds Rs.10 per10\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003ecigarettes\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ebut\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRs.\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e5.25\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eper10\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ecigarettes plus\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e70%\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eof\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eIf retail price\r\n  Exceeds Rs.11.50\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eper\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.6pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eRs.\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e6.04\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e \r\n  \u003c/span\u003eper\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e10\u003cspan\r\n  style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ecigarettes \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eS.No.\u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=236 colspan=2 valign=top style=\u0027width:177.1pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eExisting Provisions\u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=236 colspan=2 valign=top style=\u0027width:177.15pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eProposed\u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eNot exceeding Rs .\r\n  19.5\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eIncremental amount\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003e10 cigarettes but not\r\n  exceeding \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.6pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003ePlus 70% of\r\n  incremental\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eMental amount\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003e11\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eIf retail price does\r\n  not exceed Rs.10 p\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eRs. 5.25 per 10\r\n  cigarettes\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.55pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eIf retail price does\r\n  not exceed Rs. 11.5 per 10 cigarettes \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=118 valign=top style=\u0027width:88.6pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.5pt\u0027\u003eRs. 6.04 per 10\r\n  cigarettes\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eFIRST SCHEDULE\r\n-- Table II\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eThe bill proposes\r\nto abolish FED on services provided by property \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003edevelopers and promoters.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eSECOND SCHEDULE\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eThe bill also\r\nproposes for inclusion of White Crystalline Sugar in Second \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003eSchedule to the Federal Excise Act, 2005 to make\r\nits collection under the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003esales tax\r\nmode. Further, it is also proposed that the amendment should \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ebe made effective immediately.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eFED on franchise\r\nfee, technical fee or royalty\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eRule 43A of\r\nSpecial Procedures for Excisable Services.\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:\r\n.4pt\u0027\u003e---Through \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003enotification S.R.O.\r\n488(1)/2011 dated June 3, 2011 rate of FED on \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.35pt\u0027\u003efranchise fee, technical fee and royalty is also enhanced from 5 per\r\ncent \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eto 10 per cent of value of\r\ntaxable services. The notification shall be \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.3pt\u0027\u003eeffected from June 4, 2011.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eSummary of\r\nchanges in the \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eCustoms Act,\r\n1969\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003eRepayment of\r\nduty incurred for supplies against international \u003c/span\u003etenders\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSection 21(c)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003e.---The bill proposes to authorize repayment of\r\nduty either \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003ewholly or partly paid for\r\nsupplies against international tenders: Under \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.5pt\u0027\u003ethe existing law, repayment of duty was only available in respect of \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003egoods used in the production or repair of other\r\ngoods meant for \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eexportation, or for\r\nsupply to such persons who are entitled to import \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003esame at concessionary rates.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003eThis is a positive\r\namendment meant to provide incentives to local \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.45pt\u0027\u003emanufacturers and suppliers of domestic goods against international \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003etenders entitling to claim duty draw back.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.6pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eTime limitation\r\nfor recovery of duty\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSection 32(3A)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003e.---The bill proposes to extend the time period for\r\nserving \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eof show cause notice from\r\nthree years to five years for recovery of duty \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.4pt\u0027\u003ediscovered by an audit or examination of an importer\u0027s accounts or by \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003eany means other than documents provided at the\r\ntime of import of goods.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eTime limitation\r\nfor claim of refund\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003eSection 33\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003e.---The bill proposes to clarify that the, time\r\nlimitation for \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eclaim of refund of one\r\nyear will be counted from the date of decision or \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003ejudgment of officer of the Customs or the Board or\r\nthe Appellate \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eTribunal or the Court.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eLevy of transit\r\nfee\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSection 129 A\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003e.---The bill proposes to authorize the Board to\r\nlevy transit \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003efee on any goods or\r\nclass of goods in transit across Pakistan to a foreign \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eterritory at such rate to be prescribed by the\r\nBoard through notification \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ein the\r\nOfficial Gazette.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eFirst Schedule\r\nto the Customs Act, 1969\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eFollowing changes\r\nare proposed to be made in the First Schedule to the \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eCustoms Act, 1969 to be effective immediately from\r\nJune 4, 2011.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e* Tariff\r\nrationalization on following items by reducing rate of duty \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.3pt\u0027\u003efrom 10% to 5%:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027mso-tab-count:2\u0027\u003e                        \u003c/span\u003e7407.1010\u003cspan\r\nstyle=\u0027mso-tab-count:2\u0027\u003e                   \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003e- - - Bars\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027mso-tab-count:2\u0027\u003e                        \u003c/span\u003e7407.2100\u003cspan\r\nstyle=\u0027mso-tab-count:2\u0027\u003e                   \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003e- - Of copper-zinc base alloys (brass)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.75pt\u0027\u003e* Corrections in\r\ndescriptions of PCT codes:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.75pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;text-indent:.5in;\r\nmso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e2923.9010\u003cspan\r\nstyle=\u0027mso-tab-count:2\u0027\u003e                   \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003e- - - Betaine\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:.5in;text-align:justify;text-indent:.5in;\r\nmso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027mso-tab-count:2\u0027\u003e                        \u003c/span\u003e2930.9060\u003cspan\r\nstyle=\u0027mso-tab-count:2\u0027\u003e                   \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.35pt\u0027\u003e- - - O.O. diethyl O-(3, 5, 6-trichloro 2-\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:2.0in;text-align:justify;text-indent:\r\n.5in;mso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003epyridy)\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:2.0in;text-align:justify;text-indent:\r\n.5in;mso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003ePhosphorothioate\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027margin-left:2.0in;text-align:justify;text-indent:\r\n.5in;mso-pagination:none;mso-layout-grid-align:none;text-autospace:none\u0027\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eCreation of\r\nseparate PCT codes for following:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027mso-tab-count:2\u0027\u003e                        \u003c/span\u003e7404.0010\u003cspan\r\nstyle=\u0027mso-tab-count:2\u0027\u003e                   \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003e- - - Brass scrap\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e            \u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027mso-tab-count:2\u0027\u003e                        \u003c/span\u003e7404.0090\u003cspan\r\nstyle=\u0027mso-tab-count:2\u0027\u003e                   \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003e- - - Other\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027mso-tab-count:2\u0027\u003e                        \u003c/span\u003e8710.0010\u003cspan\r\nstyle=\u0027mso-tab-count:2\u0027\u003e                   \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003e- - - Armoured cash carrying vehicles\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027mso-tab-count:2\u0027\u003e                        \u003c/span\u003e8710.0090\u003cspan\r\nstyle=\u0027mso-tab-count:2\u0027\u003e                   \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003e- - - Other\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eNotifications\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eFollowing changes\r\nhave been brought through notifications issued along \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003ewith the Finance Bill 2011, amending or deleting\r\nvarious other \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003enotifications effective\r\nfrom June 4, 2011.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eS.R.O.\r\n475(1)/2011- dated June 3, 2011\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.3pt\u0027\u003eThis notification\r\namends S.R.O. 565(1)2006 dated June 5, 2006 which is \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.2pt\u0027\u003eprescribing exemption / concession on duty on raw\r\nmaterials used for \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003emanufacturing of\r\nspecified goods. Some of the significant amendments \u003c/span\u003eare as follows:-\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e* concession\r\nprovided for butyl acetate industry through \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n-.15pt\u0027\u003econcession on import of its raw materials (Sabutol).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.35pt\u0027\u003e* incentives\r\ngiven on glass industry raw materials namely \u0026quot;mirror \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.15pt\u0027\u003ebacking paint\u0026quot; and \u0026quot;waste / scrap of\r\nglass\u0026quot;.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003e* incentive for\r\nCNG compressors manufacturing industry through \u003c/span\u003econcession on its 15\r\ncomponents.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eS.R.O.\r\n476(I)/2011- dated June 3, 2011\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003eThis notification\r\namends S.R.O.567(I)2006 dated June 5, 2006 to specify \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:-.15pt\u0027\u003eadditional items of Pharmaceutical industry for\r\nduty concession as stated \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003ein Table\r\nIII, Heading A captioned as \u0027Active Pharmaceutical Ingredients\u0027.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eS.R.O.\r\n477(I)/2011- dated June 3, 2011\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003eThis notification\r\namends S.R.O. 575(I)2006 dated June 5, 2006 which \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003eprescribes concession for machinery used by various\r\nindustries. The \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eamendment brought\r\nthrough the notification dealt with the concession for \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.75pt\u0027\u003ehotel industry for promotion of tourism industry\r\nand sports and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003erecreation services.\r\nPreviously, concessions were only available subject \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eto approval of the Ministry of Tourism whereas now\r\nconcessions can be \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.7pt\u0027\u003eavailed on approval\r\nfrom Tourism Departments of the Provincial Governments, Gilgit-Baltistan, FATA\r\nand Department of Tourist \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eServices of\r\nthe Capital Administration and Development Division.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eS.R.O.\r\n478(I)/2011- dated June 3, 2011\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eThis notification\r\namends S.R.O. 678(I)/2004 dated August 7, 2004 to \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003eprescribe 10% per cent ad valorem duty for X-mass\r\ntrees, well-head and \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.15pt\u0027\u003eintegral\r\ncomponents and parts thereof used by E\u0026amp;P companies and their \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003econtractors for oil exploration. Previously, these\r\nitems were subject to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eduty at the rate\r\nof 15%.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eS.R.O.\r\n479(I)/2011 dated June 3, 2011\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003eThis notification\r\namends S.R.O. 482(I)/2009 dated June 13, 2009 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.45pt\u0027\u003ewhereby regulatory duty was imposed on import of 397 items falling \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.35pt\u0027\u003eunder various categories such as food, fruits and\r\nvegetables, furniture, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.4pt\u0027\u003emotor vehicles,\r\nweapons, tiles and ceramics, tobacco, makeup items, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.55pt\u0027\u003etoiletries etc. The proposed amendment seeks to\r\ncurtail this list to \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003etobacco, tiles\r\nand ceramics, motor vehicles, weapons, Betel Nuts and \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.25pt\u0027\u003eMaize imported from India. Accordingly, all\r\nremaining items are now \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eexempt from\r\nregulatory duty.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSummary of changes in the\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eFinance Act,\r\n1989 (V of 1989)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eLevy of tax on\r\nCapital Value of certain assets\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.45pt\u0027\u003eSection 7(1)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.45pt\u0027\u003e.---The proposed amendment seeks to withdraw\r\nCapital \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eValue Tax (CVT) on purchase\r\nof modaraba certificate or a registered \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003einstrument of redeemable capital as defined in the Companies Ordinance, \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.6pt\u0027\u003e1984 (XLVII of 1984), or shares of a public\r\ncompany, listed on a \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eRegistered Stock\r\nExchange in Pakistan by a resident person comprising \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.15pt\u0027\u003eresident individual, resident company or resident\r\nassociation of person as \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003edefined in\r\nsection 81 of the Income Tax Ordinance, 2001 (XLIX of \u003c/span\u003e2001).\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003eSection 7(4)\r\n3rd proviso\u003c/span\u003e\u003c/u\u003e\u003cspan style=\u0027letter-spacing:.65pt\u0027\u003e.---A consequential\r\namendment has been \u003c/span\u003eproposed pursuant to proposed amendment in subsection\r\n(1) of section 7 \u003cspan style=\u0027letter-spacing:.35pt\u0027\u003eas aforesaid and seeks to\r\nomit the third proviso for collection of CVT by \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.15pt\u0027\u003ea Registered Stock Exchange in Pakistan on purchase value of modaraba\r\ncertificates or any instrument of redeemable capital or shares of a public \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003ecompany from the resident person.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSummary of changes in the\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSecurities and Exchange Commission\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eof Pakistan Act, 1997 (XLII of 1997)\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003eExpenditure to\r\nbe charged on the Fund\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eSection 24(3A)\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.5pt\u0027\u003e.---The proposed insertion of a new subsection (3A)\r\n\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.55pt\u0027\u003erequires that the Securities and\r\nExchange Commission of Pakistan \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.35pt\u0027\u003e(SECP)\r\nshall remit any surplus of receipts over the actual expenditure in \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003ea financial year to the Federal Consolidated Fund\r\nand any deficit from \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003ethe actual\r\nexpenditure shall be made up by the Federal Government.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eFines and penalties to be credited\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cu\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSection 40AA\u003c/span\u003e\u003c/u\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003e ---A new section 40AA is proposed to be inserted\r\nwhich \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.25pt\u0027\u003erequires that all fines and\r\npenalties imposed and collected by the SECP \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.2pt\u0027\u003eshall be credited to the Federal Consolidated Fund.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSummary of changes in the\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003eOil and Gas\r\nRegulatory Authority\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003eO\u003c/span\u003erdinance,\r\n2002 (XVII of 2002)\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eExpenditure to be charged on the Fund\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.25pt\u0027\u003eSection 17(4).\u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.2pt\u0027\u003e--The proposed insertion of a new subsection (4)\r\nrequires \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003ethat the Oil and Gas\r\nRegulatory Authority (the Authority) shall remit any \u003c/span\u003esurplus of receipts\r\nover the actual expenditure in a financial year to the \u003cspan style=\u0027letter-spacing:\r\n.1pt\u0027\u003eFederal Consolidated Fund and any deficit from the actual expenditure \u003c/span\u003eshall\r\nbe made \u0027up by the Federal Government.\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eFines and\r\npenalties to be credited\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003eSection\r\n18(2).---A new sub-section (2) is proposed to be inserted which \u003c/span\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.4pt\u0027\u003erequires that all fines and penalties imposed and\r\ncollected by the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003eAuthority shall be\r\ncredited to the Federal Consolidated Fund.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eSummary of changes in the \u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eProvisional\r\nCollection of Taxes\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cb\u003eAct, 1931 (XVI of 1931)\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.5pt\u0027\u003eFollowing is the\r\nsummary of the amendments / insertions of the \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n.25pt\u0027\u003eprovisions of respective laws which have become effective from 4th \u003c/span\u003eJune,\r\n2011 under the Provisional Collection of Taxes Act, 1931 (XVI of \u003cspan\r\nstyle=\u0027letter-spacing:.05pt\u0027\u003e1931) whereas rest of the amendments are proposed\r\nto be effective from 1st July, 2011 subject to the approval by the Parliament.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003ctable class=MsoNormalTable border=1 cellspacing=0 cellpadding=0\r\n style=\u0027border-collapse:collapse;border:none;mso-border-alt:solid black .5pt;\r\n mso-padding-alt:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:0;mso-yfti-firstrow:yes\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eThe Customs Act, 1969\u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-left:none;mso-border-left-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eFirst Schedule \u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:.1pt\u0027\u003e(Effective 4th June, \u003c/span\u003e2011)\u003cspan\r\n  style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:1\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eSales Tax Act, 1990\u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.3pt\u0027\u003eSixth Schedule,\r\n  Table-I, Column (1) \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.2pt\u0027\u003eSerial No. 29A,\r\n  29B, 30, 34, 35, 41, 42, 43, 44, 62, 64, 65, 66, 67, 68, 69 \u003c/span\u003e\u0026amp; \u003cspan\r\n  style=\u0027letter-spacing:-1.6pt\u0027\u003e70 \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-1.0pt\u0027\u003eand\r\n  \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.3pt\u0027\u003ecorresponding entries \u003c/span\u003ein \u003cspan\r\n  style=\u0027letter-spacing:-.5pt\u0027\u003eColumns \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-1.3pt\u0027\u003e(2)\r\n  \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.7pt\u0027\u003eand \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n  -.5pt\u0027\u003e(3) \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e(Effective 4th \u003c/span\u003eJune,\r\n  2011)\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n  .2pt\u0027\u003eSixth Schedule, Table-II, Column (1) \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n  .1pt\u0027\u003eSerial No. 5 and corresponding entries \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n  .2pt\u0027\u003ein Columns (2) and (3) (Effective 4\u003csup\u003eth\u003c/sup\u003e \u003c/span\u003e. June, 2011)\u003cspan\r\n  style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n \u003ctr style=\u0027mso-yfti-irow:2;mso-yfti-lastrow:yes\u0027\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border:solid windowtext 1.0pt;\r\n  border-top:none;mso-border-top-alt:solid windowtext .75pt;mso-border-alt:\r\n  solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.1pt\u0027\u003eFederal Excise Act,\r\n  2005\u003c/span\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n  \u003ctd width=295 valign=top style=\u0027width:221.4pt;border-top:none;border-left:\r\n  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;\r\n  mso-border-top-alt:solid windowtext .75pt;mso-border-left-alt:solid windowtext .75pt;\r\n  mso-border-alt:solid windowtext .75pt;padding:0in 5.4pt 0in 5.4pt\u0027\u003e\r\n  \u003cp class=MsoNormal style=\u0027mso-pagination:none;mso-layout-grid-align:none;\r\n  text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003eFirst Schedule, \u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:-1.0pt\u0027\u003eTable-I, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:\r\n  -.15pt\u0027\u003eColumn (1) \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eSerial No. 7\r\n  Column (4) Serial Nos. 9, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.05pt\u0027\u003e10 \u0026amp;\r\n  11 and corresponding entries in \u003c/span\u003e\u003cspan style=\u0027letter-spacing:.1pt\u0027\u003eColumns\r\n  (2), (3) \u0026amp; (4) Serial No. 53 \u003c/span\u003eand corresponding entries in Columns \u003cspan\r\n  style=\u0027letter-spacing:.25pt\u0027\u003e(2), (3) \u0026amp; (4) In the Restriction for \u003c/span\u003e2010-2011\r\n  (Effective 4th June, 2011) \u003cspan style=\u0027letter-spacing:-.2pt\u0027\u003eSecond\r\n  Schedule, \u003c/span\u003e\u003cspan style=\u0027letter-spacing:-.4pt\u0027\u003eTable, \u003c/span\u003eColumn \u003cspan\r\n  style=\u0027letter-spacing:.1pt\u0027\u003e(1) Serial No. 3 and corresponding \u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:-.05pt\u0027\u003eentries relating thereto in Columns (2) \u003c/span\u003e\u003cspan\r\n  style=\u0027letter-spacing:.05pt\u0027\u003e\u0026amp; (3) (Effective 4th June, 2011).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n  \u003c/td\u003e\r\n \u003c/tr\u003e\r\n\u003c/table\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:.05pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=MsoNormal style=\u0027text-align:justify;mso-pagination:none;mso-layout-grid-align:\r\nnone;text-autospace:none\u0027\u003e\u003cspan style=\u0027letter-spacing:-.9pt\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003c/div\u003e\r\n\r\n\u003c/body\u003e\r\n\r\n\u003c/html\u003e\r\n"