President promulgates Petroleum Products (Petroleum Development Levy) Ordinance
Islamabad,Oct 31 (APP): The President promulgated the petroleum products (Petroleum Development Levy) Ordinance here on saturday which shall come into force at once.
The ordinance further states as
the National Assembly is not in session and the President is satisfied
that circumstances exist which render it necessary to take immediate
action;therefore, in exercise of the powers conferred by clause (1) of
Article 89 of the Constitution of the Islamic Republic of Pakistan, the
President is pleased to make and promulgate the following Ordinance: 1. Short title and commencement: (1) This Ordinance may be called the Petroleum Products (Petroleum Development Levy ) (Amendment) Ordinance, 2009. (2) It shall come into force at once 2. Amendment of Ordinance XXV of 1961: In the Petroleum Products (Petroleum Development Levy) Ordinance, 1961 (XXV of 1961), hereinafter referred to as the said ordinance,
i) in the long title and the preamble, for the word “surcharge” the words “ petroleum Levy” shall be substituted,and ii) for the word “surcharge” wherever occurring, the words “petroleum levy” shall be substituted. 3.
Amendment of Section 1, Ordinance XXV of 1961: in the said Ordinance,
in section 1 in sub section (1), for the brackets and word
“(surcharge)” thee brackets and words “(Petroleum Levy)” shall be
substituted. 4. Amendment of Section 2, Ordinance XXV of 1961: In the said Ordinance, in section 2;, i) In sub section (1), for the words “carbon surcharge” the words “Petroleum Levy” shall be substituted; and ii) After clause (4B), the following new clauses shall be inserted, namely: “(4Ba) petroleum levy” means the levy payable under section 3;” 5. Amendment of section 3, Ordinance XXV of 1961: In the said Ordinance, in Section 3, i) In sub section (I), for the world “carbon surcharge” the words “petroleum Levy” shall be substituted; and ii) After sub section (I), amended as aforesaid, the following new sub section shall be inserted, namely: “(1A) Every licensee shall pay development levy at such rate and in such manner as the Federal Government may, by rules,prescribe,” 6.
Amendment of Section 7, Ordinance XXV of 1961: In the said Ordinance,
in section 7, the words and comma” Except for the Fifth schedule, the
“shall be omitted. 7. Amendment of Fifth Schedule, Ordinance XXV of 1961: In the said Ordinance, in the Fifth Schedule, for the words “Carbon Surcharge” occurring twice, the words “petroleum Levy” shall be substituted. 8. Repeal. The Petroleum Products (Petroleum Development Levy) (Amendment) Ordinance, 2009 (XV of 2009) is hereby repealed.
