Finance Act, 1975
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Amendment of Imposition of Duties Act, 1957. |
46.— Section 1 of the Imposition of Duties Act, 1957 , is hereby amended by the insertion after paragraph (e) of the following paragraph: | |
“(ee) where a customs duty on goods of any particular description— | ||
(i) is terminated by the order and, in the opinion of the Government, the whole of the duty was of a fiscal nature or there was a fiscal element in the duty, or | ||
(ii) is varied by the substitution for the rate at which the duty was chargeable of another such rate and there was, in the opinion of the Government, a fiscal element in the duty before such variation and the substituted rate is equal to the rate for which it was substituted less so much thereof as, in the opinion of the Government, was the fiscal element in the duty, | ||
impose, whether with or without qualifications, limitations, drawbacks, allowances, exemptions or preferential rates, and as from any specified day, on goods of that particular description imported into the State an excise duty at a rate equal— | ||
(I) if, in the opinion of the Government, the whole of the customs duty was of a fiscal nature, to the rate of such duty, and | ||
(II) if, in the opinion of the Government, there was a fiscal element in the customs duty, to the part of the rate of such duty that, in the opinion of the Government, was the fiscal element therein, | ||
and the references in paragraph (e) of this section to any excise duty and in paragraphs (h) and (i) of this section to any duty shall be construed as including references to any duty imposed under this paragraph and a duty imposed under this paragraph shall be deemed, for the purposes of the said paragraph (h), to be a customs duty and an excise duty;”. |