Govt To Amend Different Laws Through Finance Bill To Enhance Revenue.

LAHORE -- The Punjab government has decided to amend different laws through finance bill to enhance its revenue generation. The finance bill was laid in the House on Wednesday during the budget session. The proposal to amend the Stamp Act, 1899 (II of 1899) aims at generating revenue from multiplication in transactions and move towards parity with rates in rural areas, the rate of Stamp Duty is proposed to be increased from the existing rate of one percent to two percent in urban areas. The amendment proposal for the Punjab Motor Vehicles Taxation Act, 1958 (XXXII of 1958) includes provisions for imposition of the tax in the Schedule to the Act ibid upon the electric vehicles proportionate to their power in kilowatts. In this regard, an equation for conversion of kilowatts into engine power in cubic centimeters (cc) has also been devised for determination of power of those electric vehicles that are not specifically included in the said provisions of the Schedule. Despite making a proposal for imposition of the said tax, it has been proposed on the analogy of the financial year 2021-22 that 95 percent exemption on such tax shall be given till 30 June 2023. This proposal, among other targets, will facilitate and promote registration of electric vehicles, in turn, leading to a considerable improvement in the environment. The legislative proposal for the Punjab Sales Tax on Services Act, 2012 (XLII of 2012) contains provisions for ending the exemption given to student internet package as such exemption has become redundant since no telecommunication service provider is...