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Pakistan Finance Bill 2009-10 / Federal Budget

Pakistan Finance Bill 2009-10 / Federal Budget

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Published by Danish Iqbal
Federal Budget of Pakistan for 2009-10.
Federal Budget of Pakistan for 2009-10.

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Published by: Danish Iqbal on Jun 15, 2009
Copyright:Attribution Non-commercial

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05/11/2014

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 Finance Bill2009
 
 
 
ABILL
to give effect to the financial proposals of the Federal Government for the year beginning on the first day of July, 2009, and to amend certain laws 
WHEREAS it is expedient to make provisions to give effect to the financialproposals of the Federal Government for the year beginning on the first day of July, 2009,and to amend certain laws for the purposes hereinafter appearing;It is hereby enacted as follows:-1.
Short title, extent and commencement
. – (1) This Act may be called theFinance Act, 2009.(2) It extends to the whole of Pakistan.(3) It shall, unless otherwise provided, come into force on the first day of July,2009.2.
Amendment of Act II of 1899.
– In the Stamp Act, 1899 (II of 1899), in ScheduleI, Articles 10 and 39 shall be omitted.3.
Amendments of Act IV of 1969.-
In the Customs Act, 1969 (IV of 1969) thefollowing further amendments shall be made, namely:-(1) in section 2,-(a) in clause (k), after the word “station”, occurring for the second time,the comma and words “, declared as such under section 9” shall beinserted;(b) in clause (kka), after the word “manifest”, occurring for the first time,the commas, brackets, letters and words “,certificate of country of 1
 
 origin, Vessel Information Report (VIR), Carrier DeclarationInformation (CDI)” shall be inserted;(c) after clause (lb), the following new clause shall be inserted, namely:-“(lc) ”KIBOR” means Karachi Inter Bank Offered Rate applicable onthe first day of each quarter of the financial year;”;(d) clause (m) shall be omitted;(e) in clause (s), in sub-clause (ii), for the word “fifty”, the words “twohundred” shall be substituted;(2) in section 7, for the word “Central”, the word “Federal” shall be substituted;(3) in section 14A, after the word “person”, the words “including any bodycorporate, any port trust or terminal operator” shall be inserted;(4) in section 15, for the full stop at the end, a semicolon shall be substitutedand thereafter the following proviso shall be added; namely:-“Provided that offences relating to goods imported or exported inviolation of intellectual property rights shall, notwithstanding any thing inany other law, be adjudicated by appropriate officer of customs.”;(5) in section 21A, in sub-section (2), for the word “fourteen” the letters andwords “KIBOR plus three” shall be substituted;(6) in section 25A, in sub-section (1).-(a) after the word “Valuation”, the words “on his own motion or” shall beinserted; and(b) after the word “person”, the words “including an officer of Customs”shall be inserted;2

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