'We have been facing acute shortage of revenue stamp
papers for the last few months,' said Mohammad Ali, former president of Swabi Bar Association, while talking to this correspondent.
The incentives to merge include waivers of corporate income tax, value-added-tax, asset transference tax, revenue stamp
, capital gains tax for shareholders, and special business tax.
A revenue stamp
paper was revealed for the out-of-court settlement.
Advocate Shahid Nawaz Buzdar told The Nation that foolscap size papers having revenue stamp
of specific value such as Rs20, Rs50, Rs100 and Rs500 are important legal papers for transactions like buying, selling or renting of a property.
An excise stamp is a type of revenue stamp
affixed to some exciseable goods to indicate that the required excise tax has been paid by the manufacturer.
In addition the draft law also provides for an increase in the value of the revenue stamp
applied to telephone services (from 0.100 d to 0.140d) and to apply it to Internet services and the revision of the value of the revenue stamp
imposed on certain contracts and administrative documents.
Each revenue stamp
is sold for 0.13 Philippine peso (0.0028 US dollar), a payment which goes to the state-run printing services firm, APO Production Unit Inc.
He said that the importers have not been paying the revenue stamp
duty to the national exchequer since 2010.
For instance, adding the revenue stamp
value to the telephone invoice (which is one form of indirect taxes being proposed) directly affects telecommunications cost.
Val Culley, ACCA spokesperson for the West Midlands, said: 'Any purchaser of property must deliver a Land Transaction Return to the Inland Revenue Stamp
Taxes Office within 30 days after the date of the transaction.
Among her works available in English translation are Selected Poems (1982); Revenue Stamp
(1976), her autobiography; and Black Rose (1968), a novel.