This Budget Brief 2016 contains amendments introduced through Punjab Finance Bill 2016 as it relates to the Punjab Sales Tax on Services Act, 2012; Stamp Act 1899; Punjab Urban Immovable Property Tax Act, 1958; and Punjab Infrastructure Development Cess Act, 2015 and introduction of one-time tax on imported motor cars.
The provisions of the Punjab Finance Bill 2016 are generally applicable from 01 July 2016, unless otherwise specified.
This Memorandum contains the comments, which represent our interpretation of the legislation, and we recommend that while considering their application to any particular case, reference be made to the specific wordings of the relevant statutes.
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