Sindh passes Rs267b budget after FB passage

KARACHI: Sindh Assembly Saturday unanimously passed Rs 267.764 billion Sindh budget for fiscal 2008-09 after passage of Finance Bill, 2008 which, too, was carried unanimously.Introducing the Finance Bill, Sindh Chief Minister Syed Qaim Ali Shah said it was aimed at rationalizing certain duties and cess for which it was expedient to amend relevant laws.In the Finance Bill, the government has removed the levy on CDC for transfer of shares.The Chief Minister said that it was done at the request of Karachi Stock Exchange as this levy was not levied on transfer of shares in any other Stock Exchange.In the Finance Bill, through an amendment in the Stamp Act, 1899 in its application to the Province of Sindh, in Article 31, Clause (a), for the entries in column 2, the following entries shall be substitued:i. 1.5 percent of the face value of shares subject to a minimum of one rupees on physical and on withdrawal from CDC.ii.0.10 of the face value of shares deposited to the Central depository Company.Another amendment related to Sindh Finance Act, 1994 whereby in section 9, sub-section (1) for the provision, the following shall be substituted:i. “Provided that cess on gold shall be charged at the rate of 0.125 percent of the total value assessed by the Custom Authorities”.Through another amendment, the government levied cess on the weight of goods upon their entering in and using the infrastructure of the province and the distance covered within the Province.Accordingly, the rate of cess along with the distance on weight of goods upto 1250 Kg will be 0.80 percent of total values of goods as assessed by the Custom Authorities plus one paisa per Kilometer; 0.81 percent on exceeding 1250 Kg but not exceeding 2030 Kg, 0.82 percent on exceeding 2030 Kg but not exceeding 4060 Kg; 0.83 percent on exceeding 4060 Kg but not exceeding 8120 Kg; 0.84 percent on exceeding 8120 Kg but not exceeding 16,000 Kg and 0.85 percent on exceeding 16,000 Kg.In the Finance, the government has levied one time luxury tax on an imported and locally manufactured or assembled motor cars of specified category, registered in Sindh with effect from 1st July 2008.The category of motor car and the rate of tax will be as under:Imported car 3000 cc and above Rs 100,000, 2000 to 2999 CC Rs 50,000, 1500 to 1999 CC Rs 5000 and locally manufactured or assembled cars of 1500 cc and above Rs 5000.The Government will not levy tax if purchased by federal or provincial governments; a transport or commercial vehicle, exempt from taxation and a motor vehicle or class of motor vehicles notified by the Government.After statement by the Chief Minister regarding objects and reasons, the Bill was taken up Clause by Clause and finally passed without any opposition.