Latest Budget Speech 2023 Latest Tax’s on Electricity Things

Latest Budget Speech 2023
Latest Budget Speech 2023

Latest Budget Speech 2023.

A need has arisen to implement the Federal Government’s financial proposals for the year starting from July 1, 2023, and modify certain laws.
Therefore, it is now being enacted as follows:

Complete Detail of Latest Budget Speech 2023 Section Wise:-

  1. The official name of this legislation is the Finance Bill, 2023. It will take effect on July 1, 2023, unless stated otherwise.
  2. In section 7 of the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961), the word “The” shall replace the phrase “Except for the Fifth Schedule, the.”
  3. In the Customs Act, of 1969 (IV of 1969), the following amendments will be made:
    a. In clause (s) of section 2, after the first occurrence of the word “goods,” the phrase “, anywhere within the territorial jurisdiction of Pakistan” will be inserted.
    b. The expression “Pakistan Customs Academy (PCA)” will be substituted with “Customs Academy of Pakistan (CAP)” wherever it occurs in section 3C.
  4. ) Section 19:
  5. (a) Add the expression “, or to implement an agreement of the Government of Pakistan with any entity” after the word “Pakistan,” for the first occurrence in sub-section (1).
  6. (b) Substitute the figure “2024” for “2023” in the second proviso in sub-section (5).
  7. (5) Section 25A:
  8. Substitute the expression “consult prices of goods available in” for “incorporate values from” in the proviso of sub-section (1).
  9. (6) Section 79:
  10. Substitute the full stop with a colon and add the following new proviso after the second proviso in sub-section (1):
  11. “Provided further also that in case of land customs station at border, the owner of any imported goods shall file Goods Declaration (GD) for home consumption or warehousing or transshipment or any other approved purpose, within three days of the arrival of goods at the border Customs station.”
  12. (7) Section 98:
  13. Substitute the words “three months” for the first occurrence of “one month” in sub-section (1).
  14. (8) Section 139:
  15. Add the expression “or a representative on behalf of a group of passengers” after the word “crew” in the sub-section (1).
  16. (9) Section 156:
  17. In the Table, for S. No.1:
  18. (a) –
  19. (a) Against S. No.1, sub-serial number (ii) shall be omitted, and for sub-serial number (iii), the following shall be substituted: “(iii) If any person fails to attach or electronically upload mandatory documents required under section 79 or 131 of the Customs Act, 1969-, such person shall be liable to a penalty not exceeding Rs.50,000/-, General”;
  20. (b) Against S. No. 8, in sub-serial number (i), in clauses (b), (c), (d), and (e), in column (2) after the word “times”, the words “but not less than” shall be inserted;
  21. (c) Against S. No. 9, in column (2), after the word “times”, the words “but not less than” shall be inserted;
  22. (d) Against S. No. 89, in sub-serial number (i), in column (2), after the word “times” occurring for the second time, the words “but not less than” shall be inserted;
  23. (e) Against S. No. 90, in column (2), after the word “times”, the words “but not less than” shall be inserted;
  24. (10) In section 179, in sub-section (2), for the full stop at the end, a colon shall be substituted, and thereafter the following proviso shall be added: “Provided that the respondent may opt for adjudication through the computerized customs system for such goods or offenses as notified by the Board.”;
  25. (11) In section 182, in the proviso, after the word “vehicles,” the expression “, conveyance and any other equipment” shall be inserted;
  26. (12) In section 185D, after sub-section (2), the following new sub-section shall be added: “(3) The Board may, at any stage of investigation, direct transfer of investigation of criminal case from one field formation to another formation.”;
  27. (13) In section 194A, in sub-section (1), in clause (f), for the full stop at the end, a semi-colon and the word “and” shall be substituted, and thereafter the following new clause shall be added: “(g) an appellate order or a quasi-judicial order passed by the Chief Collector of Customs under provisions of this Act and the rules made thereunder provided that such appeal shall be heard by a special bench consisting of one technical member and one judicial member.”;
  28. (14) In section 208, in sub-section (2), in the proviso, for the full stop at the end, a colon shall be substituted, and thereafter the following new proviso shall be added: “Provided further that the Board may make rules regarding the eligibility of a person for self-filing of goods declaration as provided under sub-section (2) read with section 155C of this Act.”;
  29. (15) In section 212B, in sub-section (2), in clause (ii), after the semi-colon, the word “or” shall be added, and thereafter clause (iii) shall be omitted;
  30. (16) The amendments set out in the First Schedule to this Act shall be made in the First Schedule to the Customs Act, 1969 (IV of 1969); and
  31. (17) In the Fifth Schedule, in Part-I, in column (1), in S. No. 21, after sub-serial 7(a), the following new sub-serial number in column (2) and the entries relating to that in columns (3), (4), and (5) shall be added:

Some Laws Listing of Latest Budget Speech 2023:-

  • PV module raw materials imported by local assemblers/manufacturers registered under Sales Tax Act, 1990 are subject to quota determination by IOCO.
  • The list of 7 raw materials includes Silicon Adhesive/Sealant, MC4 Connectors, back sheet film, Packing boxes/modules, Corner block, Polyethylene compound, and Tinned ingot.
  • Each item in the list has a corresponding HS code for import classification purposes.
  • Modify Sub-serial 7(b) Column 5 by adding the statement: “If brought in by PV module local assemblers/manufacturers registered under the Sales Tax Act, 1990, subject to quota determination by IOCO.”
  • Add new sub-serial numbers in Column 2.
  • Also, add corresponding entries in Columns 3, 4, and 5.
  • This modification is to be made after the amended Sub-serial 7(b).

Taxes on Electricity Things in Latest Budget Speech 2023:-

  • The Sales Tax Act, of 1990 allows local assemblers/manufacturers of Solar Inverters to import parts without tax.
  • Quotas for parts are determined by the Input-Output Coefficient.
  • The parts with their respective codes are control board 8504.9090, power board 8534.0000, charge controller board A/C 9032.8990, charge controller board PV 9032.8990, DCDC board 8504.9090, LCD display 8531.2000, and AC input/output terminal 8504.9090.
  • Key Takeaways:
  • Battery input terminals, PV terminals, casings, circuit boards, and stuffed PCBs for inverters fall under specific headings based on their materials and functions.
  • Parts of Lithium batteries including cells, copper bars, BMS electronic cards, casing, and harness sets are also categorized under specific headings.
  • Local assemblers or manufacturers of Lithium batteries registered under the Sales Tax Act can import these parts at a 0% rate, subject to quota determination by the Input.
  • Items listed under monitoring and organization include wires with tags, output coefficients, and output terminals with screws.
  • Other items listed include power cables, DC fan, DC breaker, packing screws, terminal covers, acrylic sheet (for short circuit safety), and other accessories such as temp sensors and connectors.
  • HS codes for these items range from 3921.9090 to 9031.8000.

Online Information of Latest Budget Speech 2023:-

How to Get More InformationClick Here
For Jobs InformationClick Here

Official Image of Latest Budget Speech 2023:-

Latest Budget Speech 2023
Latest Budget Speech 2023