Amendment status not verified — confirm the current text below against the official source.
The amount of tax credited to the Fund, shall be distributed amongst the Municipalities inproportion to their ratios of annual collection of octroi from the goods, on which octroi was being levied before coming into force of the Punjab Municipal Fund Act, 2006, to the total collection of octroi made from such goods during the financial year of 2005-06 in the State of Punjab: 2[Provided that the State Government may, by an order, decide the distribution of the amount of tax credited to the Fund amongst the Municipalities, which are constituted or which may be constituted on or after the commencement of the principal Act:] 3[Provided further that two over eleven per cent (2/11x100) of the amount of tax credited to the Fund and coming to the share of a Municipality, whose water supply and sewerage operations and maintenance works are assigned to the Punjab Water Supply and Sewerage Board under the provisions of the Punjab Water Supply and Sewerage Board Act, 1976 (Punjab Act 28 of 1976), shall be kept reserved by the Director: Provided further that the Director shall provide such sum of money, out of the aforesaid amount kept reserved by him, to the Punjab Water Supply and Sewerage Board for undertaking the water supply and sewerage operations and maintenance works in a 1Substituted for words “Ten per cent” by Punjab Act No.10 of 2012, Section 3 2 Added by Punjab Act No.10 of 2012, Section 4 3 Inserted by Punjab Act No. 41 of 2013, Section 2 Collection and deposit of tax. Distribution of amount of tax. Municipalities including the establishment and miscellaneous expenditure, which he may, from time to time, consider necessary: Provided further that if any money remains surplus out of the amount kept by the Director, then the State Government shall decide the purpose for its utilisation and direct him to act accordingly: Provided further that in case there is any deficiency in the amount kept reserved by the Director, notwithstanding the percentage fixed up in the second proviso, the State Government may increase the percentage of the amount of tax credited to the Fund for this purpose.]