Punjab Finance Act, 2018

From: 2018-10-29 - To: 0000-00-00 An Act to levy, alter and rationalize certain taxes and duties in the Punjab. It is necessary in public interest to levy, alter and rationalize certain taxes and duties in the Punjab; and, to deal with ancillary matters. Be it enacted by Provincial Assembly of the Punjab as follows: 1. Short title, extent and commencement.– (1) This Act may be cited as the Punjab Finance Act 2018. (2) It extends to whole of the Punjab. (3) It shall come into force on the first day of November 2018. 2. Amendment in Act II of 1899.– In the Stamp Act 1899 (II of 1899), in Schedule-I: (a) In Article-1, for the existing entries in column 2 and 3, the following shall be substituted: “ACKNOWLEDGMENT of a debt exceeding twenty rupees in amount or value, written or signed by, or on behalf of, a debtor in order to supply evidence of such debt in any book other than a banker’s pass-book or on a separate piece of paper when such book or paper is left in the creditor’s possession: Provided that such acknowledgment does not contain any promise to pay the debt or any stipulation to pay interest or to deliver any goods or other property- (a) such amount does not exceed ten thousand rupees. (b) such amount exceeds ten thousand rupees but does not exceed twenty thousand rupees. (c) such amount exceeds twenty thousand rupees. Ten rupees Twenty rupees Fifty rupees.” (b) In Article 19, for the existing entries in column 2 and column 3, the following shall be substituted. “CERTIFICATE OR OTHER DOCUMENT evidencing the right or title of the holder thereof or any other person, either to any shares, scrip or stock in or of any incorporated company or other body corporate, or to become proprietor of shares, scrip or stock in or of any such company or body. One hundred rupees.” (c) In Article 22-A for the existing entries in column 2 and column 3, the following shall be substituted: “CONTRACT, that is to say any instrument of the nature of memorandum of Agreement made or entered into by a contractor with Government, Corporation, Local Body, Local Authority, agency or organization set up or controlled by the Federal or the Provincial Government- to execute any work- (i)…