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Import of Goods (Price Equalization Surcharge) Act 1967

Type: Law
Issuing Agency: National Board of Revenue
Responsible Agency: National Board of Revenue
Issuing Date: 03-06-1967

 

 

 

THE IMPORT OF GOODS (PRICE EQUALISATION SURCHARGE) ACT, 1967

 

ACT NO. III OF  1967).

 

 

[3rd June, 1967]

 

 

 

An Act to levy an additional duty for equalisation of prices of certain imported goods. 1

 

WHEREAS it is expedient to levy an additional duty for equalisation of prices  of certain goods imported at different prices under different conditions and from different countries  and to provide for matters  ancillary thereto;

It is hereby  enacted as  follows:­

Short title, extent and commencement

1.   (1) This Act may be called the Import of Goods (Price Equalisation Surcharge) Act, 1967.

(2)    It extends to the whole of Bangladesh.

(3)    It shall come into force at once.

 

Definitions             

2.  In  this  Act,  unless  there  is  anything  repugnant  in   the subject or context,­

(a)       “highest rate”, in relation to any specified  goods imported in any shipping period, means the highest rate of landed cost declared in relation to such goods under sub­ section (1) of section 4;

(b)    “landed cost”, in relation to any specified goods,  means the aggregate of the c.i.f. value,  duties,  taxes,  fees  and other charges payable on or  for  the  import  of  such goods into Bangladesh;

(c)    “price equalisation surcharge” means the additional duty levied under section 3;

(d)    “shipping period” means a period beginning  on  the first day of January and ending on the thirtieth day of June, or a period beginning on the first day of July and ending on thirty­first day of December,  each year  or  such other period as the Government may, from time to time, by notification in the official Gazette,  declare  to  be  a  shipping  period for the purposes of this Act; and

(e)     “specified goods” means such of the goods  specified  in the Schedule as the Government may, by notification in the official Gazette, declare to be the goods  which  shall  be subject to the levy of the price equalisation surcharge.

Levy of price equalisation surcharge

3.    There shall be levied on the  specified goods  imported in any shipping period into Bangladesh after the 22nd  day of April, 1966, or, if the Government,  in respect  of any specified goods by order so directs, after such later date as may be  specified  therein,  whose  rate  of  landed  cost is lower than the highest rate, an additional duty as price equalisation surcharge at the rate by which the rate of the landed cost of such goods falls short of the highest rate.

Power to authorise repayment of surcharge

2[ 3A. Subject to  such conditions,  limitations  or restrictions as it may think fit to impose, the Government may, in such general cases as it may prescribe by rules or  in particular cases by special order, authorise the  repayment in whole   or in part of the price equalisation surcharge paid on the importation of any goods of such classes or descriptions  as may be prescribed in the rules or specified in  the special order, as the case may   be.]

Determination of highest landed cost

4.    (1) The Government  shall  determine  and,  by notification in the official Gazette, declare, in relation to every specified goods imported in any shipping period, the highest rate of landed cost of such goods.

(2)     For the purpose of determining the highest rate, every importer of specified goods shall furnish at such time such papers, documents or information relating to  the  import of such goods, as the Government may direct.

(3)     Whoever fails or neglects to comply with any direction under sub­section (2) shall be deemed to  have contravened the provisions of the Imports  and  Exports  (Control)  Act, 1950, and shall be punishable under section 5 of that Act.

Procedure for collection of price equalization surcharge

         5.   Subject  to  any  rules  made  under   this  Act,  the   price equalisation surcharge shall  be  collected  in the  same manner as an import duty  payable  under  the  Tariff  Act, 1934 is collected and the provisions of the 3[ Customs  Act, 1969 (IV of 1969)] shall, so far  as  may  be,  apply  to  the levy, collection and repayment of  such  surcharge.

Power to make rules

6. (1) The Government may make rules for carrying out the purposes  of  this Act.

(2)     In particular and without prejudice  to  the  generality of the foregoing power, such rules may provide for­

(a)     the assessment, collection and repayment of the price equalisation surcharge;

(b)     the delivery of goods on the giving of  security for payment of such surcharge or on any other conditions;

(c)       the   manner     of    payment     and    repayment     of    such surcharge; and

(d)     such other matters as may  be  necessary  for  carrying out the purposes of this Act.

Power to amend Schedule

4[ 6A. The Government may, by notification in the official Gazette, make any addition to or omission from the  list of goods  specified in the Schedule.]

7[Repealed]               7.   [Validation.­   Repealed   by   section   3   and   the Second Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of    1973).]

 

1   Throughout this Act, the words “Bangladesh” and “Government” were substituted for the words “Pakistan” and “Central Government” respectively by section 3 and the Second Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973)

 

2   Section 3A was inserted by section 12 of the Finance Act, 1968 (Act No. XI of 1968)

3   The words, comma, figures and brackets “Customs Act, 1969 (IV of 1969)” were substituted for the words, comma, figures and brackets “Sea Customs Act, 1878 (VIII of 1878)” by section 3 and the Second Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973)

4   Section 6A was inserted by section 12 of the Finance Act, 1968 (Act No. XI of 1968)

 

 

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