Rules for refund of anti-dumping duty
Anti-dumping duty, while worked out by the designated
authority on the basis of dumping margin, is generally notified as a specific amount. In other words, the notification will require that on all imports of the specified item from the specified exporter / country, a fixed duty of Rs xx will be levied and collected. However section 9AA of the Customs Tariff Act 1975, under which the duty is levied, allows for refund if the anti-dumping duty is in excess of actual margin of dumping in a particular case. In practice, the procedure for determination of whether refund was eligible was not clear, and the field formations lacked the necessary expertise to process such a claim.
Refund: Interest is payable if refund paid after 3 months of claim: Bombay High Court
One would think that the law was clear on the issue of the date from which interest is calculated on delayed refunds, but the department took the issue to the high court. The law [Section 11BB of the Central Excise Act 1944, which also applies to service tax refunds, and Section 27A of the Customs Act 1962] provides that if a refund is paid later than three months from the date of application, interest is payable from the date immediately after the expiry of the said three months till the date on which payment is actually made. The date for computing the interest is thus the date immediately after expiry of three months from the date of application for refund. The department, however, took the view that three months are to be counted, not from the date of application, but from the date of the order for refund. This was negatived by Bombay High Court in WP 9100 of 2011 in the case of Union of India v Jindal Drugs (decided on 30 Jan 2012), reported as 2012-TIOL-109-HC-MUM. The court observed that it is a settled position in law that the liability of Revenue to pay interest commences from the expiry of three months from the date of receipt of application for refund and not on the expiry of the said period from the date on which an order for refund is made. The High Court followed the earlier order of the Supreme Court on the point, which had been reported as Ranbaxy Laboratories Limited v Union of India, 2011 (273) ELT 3 (SC).
Refund: Interest is payable if refund paid after 3 months of claim: Bombay High Court
One would think that the law was clear on the issue of the date from which interest is calculated on delayed refunds, but the department took the issue to the high court. The law [Section 11BB of the Central Excise Act 1944, which also applies to service tax refunds, and Section 27A of the Customs Act 1962] provides that if a refund is paid later than three months from the date of application, interest is payable from the date immediately after the expiry of the said three months till the date on which payment is actually made. The date for computing the interest is thus the date immediately after expiry of three months from the date of application for refund. The department, however, took the view that three months are to be counted, not from the date of application, but from the date of the order for refund. This was negatived by Bombay High Court in WP 9100 of 2011 in the case of Union of India v Jindal Drugs (decided on 30 Jan 2012), reported as 2012-TIOL-109-HC-MUM. The court observed that it is a settled position in law that the liability of Revenue to pay interest commences from the expiry of three months from the date of receipt of application for refund and not on the expiry of the said period from the date on which an order for refund is made. The High Court followed the earlier order of the Supreme Court on the point, which had been reported as Ranbaxy Laboratories Limited v Union of India, 2011 (273) ELT 3 (SC).
Service tax exemption for transport of goods by rail
Notifications have been issued to continue the exemption for service tax on transport of goods by rail. See http://www.servicetax.gov.in/notifications/notfns-2k11/st49-52-2k11.pdf.
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
Refund: Interest is payable if refund paid after 3 months of claim: Bombay High Court
One would think that the law was clear on the issue of the date from which interest is calculated on delayed refunds, but the department took the issue to the high court. The law [Section 11BB of the Central Excise Act 1944, which also applies to service tax refunds, and Section 27A of the Customs Act 1962] provides that if a refund is paid later than three months from the date of application, interest is payable from the date immediately after the expiry of the said three months till the date on which payment is actually made. The date for computing the interest is thus the date immediately after expiry of three months from the date of application for refund. The department, however, took the view that three months are to be counted, not from the date of application, but from the date of the order for refund. This was negatived by Bombay High Court in WP 9100 of 2011 in the case of Union of India v Jindal Drugs (decided on 30 Jan 2012), reported as 2012-TIOL-109-HC-MUM. The court observed that it is a settled position in law that the liability of Revenue to pay interest commences from the expiry of three months from the date of receipt of application for refund and not on the expiry of the said period from the date on which an order for refund is made. The High Court followed the earlier order of the Supreme Court on the point, which had been reported as Ranbaxy Laboratories Limited v Union of India, 2011 (273) ELT 3 (SC).
Refund: Interest is payable if refund paid after 3 months of claim: Bombay High Court
One would think that the law was clear on the issue of the date from which interest is calculated on delayed refunds, but the department took the issue to the high court. The law [Section 11BB of the Central Excise Act 1944, which also applies to service tax refunds, and Section 27A of the Customs Act 1962] provides that if a refund is paid later than three months from the date of application, interest is payable from the date immediately after the expiry of the said three months till the date on which payment is actually made. The date for computing the interest is thus the date immediately after expiry of three months from the date of application for refund. The department, however, took the view that three months are to be counted, not from the date of application, but from the date of the order for refund. This was negatived by Bombay High Court in WP 9100 of 2011 in the case of Union of India v Jindal Drugs (decided on 30 Jan 2012), reported as 2012-TIOL-109-HC-MUM. The court observed that it is a settled position in law that the liability of Revenue to pay interest commences from the expiry of three months from the date of receipt of application for refund and not on the expiry of the said period from the date on which an order for refund is made. The High Court followed the earlier order of the Supreme Court on the point, which had been reported as Ranbaxy Laboratories Limited v Union of India, 2011 (273) ELT 3 (SC).
Service tax exemption for transport of goods by rail
Notifications have been issued to continue the exemption for service tax on transport of goods by rail. See http://www.servicetax.gov.in/notifications/notfns-2k11/st49-52-2k11.pdf.
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
Newsletter on daily professional updates- 08/04/2020CA PRADEEP GOYAL
“Ideas are knowledge.
When we share knowledge in the written or verbal form, amazing things can happen.”
Here is your Daily dose of professional updates 08.04.2020
Tax Alerts cover significant tax news, developments and changes in legislation that affect Indian businesses. They act as technical summaries to keep you on top of the latest tax issues. For more information, please contact your EY advisor. For more information : http://www.ey.com/in/en/services/ey-goods-and-services-tax-gst
Rationale behind the Act
Effective date of new Act
Applicability of the Act
Its size and nature
49 Sections
6 Rules
25 Regulations
Other related matters
GST rolled out in India from 01/07/2017. Changes have been made very frequently. I have made an attempt to clarify the GST law related to exports/SEZ supplies and Deemed exports, issues in GST law vis-a-vis exports/SEZ supplies and Deemed exports.
Suggestions and queries are cordially invited.
Newsletter on daily professional updates- 08/04/2020CA PRADEEP GOYAL
“Ideas are knowledge.
When we share knowledge in the written or verbal form, amazing things can happen.”
Here is your Daily dose of professional updates 08.04.2020
Tax Alerts cover significant tax news, developments and changes in legislation that affect Indian businesses. They act as technical summaries to keep you on top of the latest tax issues. For more information, please contact your EY advisor. For more information : http://www.ey.com/in/en/services/ey-goods-and-services-tax-gst
Rationale behind the Act
Effective date of new Act
Applicability of the Act
Its size and nature
49 Sections
6 Rules
25 Regulations
Other related matters
GST rolled out in India from 01/07/2017. Changes have been made very frequently. I have made an attempt to clarify the GST law related to exports/SEZ supplies and Deemed exports, issues in GST law vis-a-vis exports/SEZ supplies and Deemed exports.
Suggestions and queries are cordially invited.
Projet de loi - décembre 2013 - éducation à domicileDenis Verloes
Projet de loi proposé par 8 sénateurs UMP en vue de rendre impossible le choix de toute autre éducation alternative à l'école de la République, au pays de la liberté, et de la libre pensée;
Power given to cost accountant / chartered accountant to inspect records for audit
The government may appoint a cost accountant or chartered accountant for valuation audit or Cenvat credit audit of the accounts of an assessee, under sections 14A and 14AA respectively of the Central Excise Act 1944. Now the government has amended the Central Excise Rules 2002 to provide legal backing for inspection of records by such an auditor. Rule 22 of the Central Excise Rules 2002 has been amended to this effect by notification 22/2012-CE(NT) dated 30 March 2012, which can be seen at http://cbec.gov.in/excise/cx-act/notfns-2012/cx-nt2012/cent22-2012.htm.
Flip flop on ban on cotton exports
The Ministry of Commerce banned export of cotton on 5 March 2012. The ban covered even exports against contracts already registered with the Ministry. The reason cited was that exports have already exceeded the target of 8.4 million bales. Accordingly, the CBEC issued circular no. 6/2012-Customs dated 6 March 2012 (http://cbec.gov.in/customs/cs-circulars/cs-circ12/circ06-2012-cs.htm) to its customs formations, instructing them that the export is prohibited, that there will be no transitional arrangements, and that the details of all consignments already handed over to customs for export must be reported. However, upon receiving clarification from the DGFT under its Circular No. 58(RE-2010)/2009-14 dated 09-03-2012, the CBEC issued another circular 7/2012-Customs dated 9 March 2012 (http://cbec.gov.in/customs/cs-circulars/cs-circ12/circ07-2012-cs.htm) instructing its customs formations to allow export of consignments in respect of which ‘let export’ orders were issued upto 2400 hours on 5 March. Finally the DGFT withdrew its ban, by notification no. 106 (RE-2010)/2009-14 dated 12 March 2012. However it requires all registrations to be subjected to re-scrutiny.
The ban had evoked strong protests from growers and ginners in the domestic sector, but had been welcomed by the textile industry. Reports can be seen at http://www.thehindu.com/business/Economy/article2967460.ece.
itelligence GST implementation
India is slated to adopt GST from Apr 1, 2017. Hence, businesses need to be technologically-ready
GST is a comprehensive indirect tax levied on Sale, Manufacture and Consumption of Goods and Services at the National level.
GST would apply to all goods other than crude Petroleum, Motor spirit, Diesel, Aviation Turbine fuel and Natural gas.
GST would apply to all services barring a few to be specified
Export and Direct taxes like Income Tax, Corporate Tax, Capital gains tax will not be affected by GST.
Imports will be subject to GST, but exports will be GST-exempt
Where the output is GST exempt, the GST paid on the input will be a cost to the business
New Export Promotion Scheme RoDTEP : Implemented without Rates Announced - By...SN Panigrahi, PMP
New Export Promotion Scheme RoDTEP : Implemented without Rates Announced - By SN Panigrahi
#ExportPromotionSchemes
#MEIS -Exit
#EXPORT
#ExportBenefits
#EssAnnPee Business Solutions
#RatesRoDTEP
Price reduction for late delivery:
conflicting views on excise value
Background: Where excise duty is charged as a percentage of the value of the goods, there are two methods of determining the assessable value. For goods that are under MRP and notified for the purpose of MRP-based assessment under section 4A of the Central Excise Act, there is no difficulty in arriving at assessable value. For other goods, the ‘transaction value’ is the value for assessment, as provided in section 4 of the Central Excise Act. Transaction value means the price actually paid or payable for the goods.
Analyse how will gst impact your businessvramaratnam
Vramaratnam is one of the best business consultants in Chennai.It gives you an indepth analysis of the impact of GST on propertry sales and capital gains tax.
Notification v circular, excise v customs:
Factory sealing of containers
Notification 19/2004-CE(NT) provides the procedure for exporting goods under claim for rebate of excise duty under Rule 18 of the Central Excise Rules 2002. The said notification provides an option to the manufacturer-exporter, under paragraph 3(a)(i), to either self-seal his consignment at the factory or have it sealed by the central excise officers. On the other hand, administrative circulars of the CBEC require that exports under ‘free shipping bills’ (in which no export incentives are claimed) are to be self-sealed by the exporter. In a circular dated 8 September 2011 the CBEC has again reiterated that “the facility/ option of examination and sealing of export containers by the Central Excise Officers at the place of dispatch is available to both manufacturer- exporters (except when the export is on free Shipping Bill) and merchant-exporter in respect of the goods exported in terms of Rule 18 or 19 of the Central Excise Rules, 2002.” See http://cbec.gov.in/excise/cx-circulars/cx-circulars-11/952-2k11cx.htm.
Self-assessment in customs – more responsibility on the importer or exporter
Electronic declaration of imports or exports has been part of the EDI system, and there were regulations under which such declarations were accepted. Now a new set of regulations is proposed, in line with self-assessment. The new draft regulations, now up on the CBEC site, are commensurate with the general trend towards shifting the responsibility to the importer / exporter. The form of declaration is much longer and asks for much more information from the importer / exporter. See the draft circular at http://www.cbec.gov.in/draft-circ/draft-electronicbill.htm
#New Scheme of Export Incentive RoDTEP - By SN Panigrahi & CA Rishabh Sawansu...SN Panigrahi, PMP
#New Scheme of Export Incentive RoDTEP - By SN Panigrahi & CA Rishabh Sawansukha (Jain),
Certain Taxes / Duties / Levies Not Being Refunded @ Present,
MEIS, RoSCTL, RoDTEP
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020.This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
An article on Role of Company Secretaries in GST Era was published in Souvenir of 43rd National Convention of Institute of Company Secretaries of India. Article was contributed by Team : Lex Bolster Global LLP.
CCH Practice / Workflow Management with Comprehenssive Audit, ROC, Consultanc...Pramod Kudtarkar
Tax & accounting professional offices are computerized for mandatory electronic return filing of taxes, how about rest job which are loaded with multiple deadlines with variety of services offered to long list of clients that brings potentially more than 90% revenues to firm. There is no control over all the activities done at office. Is this stopping the growth?.
We have developed XBRL with advance technology of Semantic, which extracts data from word, excel and PDF. You do not have to do data entry. It is online software and you do not require installing and training. You can complete your XBRL filing in just 30 MIN. It is fastest XBRL
Anshul faced difficulties in running the Excise Module in SAP B1. These included:
• Data integrity issues to meet the requirements of Excise, and using multiple and customized software
• Non-availability of required data in ERP to generate Excise reports appropriately. E.g. RG-23D page number and serial number were missing.
• Data qualification, validation and error logging features were unavailable, and hence were difficult to meet required statutory obligations.
• Data update capability used to edit, sales return and purchase return
The negative list of services under the proposed section 66D of the Finance Act 1994
The proposed section 66D reads as follows:
66D. The negative list shall comprise of the following services, namely:––
Mega exemption for services
Visit
New customs regulations notified
The CBEC has notified the new regulations
regarding electronic filing of shipping bills (http://cbec.gov.in/customs/cs-act/notifications/notfns-2k11/cs-nt2k11/csnt80-2k11.htm) and bills of entry (http://cbec.gov.in/customs/cs-act/notifications/notfns-2k11/cs-nt2k11/csnt79-2k11.htm), and regarding provisional assessment (http://cbec.gov.in/customs/cs-act/notifications/notfns-2k11/cs-nt2k11/csnt81-2k11.htm
Jail
3. A central excise officer can arrest, under section 13 of the Central Excise Act, any person who he has reason to believe to be liable to punishment under the Act. Similarly, a customs officer can arrest, under section 104 of the Customs Act, any person who he has reason to believe is liable to punishment under specified sections of the Act. It is noteworthy here that the arrest is made on the basis of the officer’s perception, and the determination of whether the person really is liable to punishment will be made by a court of
law, much later. The department will urge the court that the person is liable to punishment, the person will contend that he is not liable to punishment, and the court will decide. However, the citizen is deprived of his liberty and subjected to ignominy much prior to determination of guilt or innocence. He thus stands “pre-punished”
1. UDYOG TAX NEWS FLASH
21st JANUARY 2012
Update 20 January 2012
Major changes in customs and excise duties on gold and silver
Major changes have been made in the import duty tariff for gold, silver, diamonds and platinum, by
notifications 1/2012-Customs, 2/2012-Customs, and 3/2012-Customs, all dated 16 January 2012,
which can be seen at the CBEC site, at http://cbec.gov.in/customs/cs-act/notifications/notfns-
2012/cs-tarr2012/cs01-03-2012.pdf.
The changes have essentially consisted in shifting the duty base from unit (rupees per 10 grams) to
percentage of value. This takes advantage of the rising prices of the items. At the same time, clearly
to pre-empt underinvoicing, the tariff values for the purpose of customs duties have been fixed under
notification 3/2012-Customs(NT) dated 16 January 2012: see http://cbec.gov.in/customs/cs-
act/notifications/notfns-2012/cs-nt2012/csnt03-2012.htm, and http://cbec.gov.in/customs/cs-
act/notifications/notfns-2012/cs-nt2012/csnt04-2012.htm,
In line with this, the duties payable on sale of
these items from an export-oriented
undertaking to the domestic tariff area have
also been changed to ad valorem rates, vide
notification 3/2012-CE dated 16 January
2012 that amends notification 23/2003-CE.
This can be downloaded at
http://cbec.gov.in/excise/cx-act/notfns-
2012/cx-tarr2012/ce03-2012.htm.
Similarly, excise duties on gold and silver
have been shifted to value base, under
notification 2/2012-CE dated 16 January
2012, which can be seen at
http://cbec.gov.in/excise/cx-act/notfns-
2012/cx-tarr2012/ce02-2012.htm.
According to reports, the changes will
generate additional revenue of Rs 500 to 600
crores in the balance fiscal year.
Udyog Software (India) Ltd (www.udyogsoftware.com)
Phone: 022-67993535, Email: sales@udyogsoftware.com
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual
or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is
accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information
without appropriate professional advice after a thorough examination of the particular situation. Page 1
2. Re-credited SAD in DEPB / Reward scheme can be used upto 31 March
A special additional duty of customs (SAD) of 4% is levied on most imports, to countervail the VAT
that would be payable on like items manufactured and sold in India. This SAD is refundable if the
item is subsequently sold on payment of VAT. Where SAD is debited in a DEPB/ Reward scheme
scrip instead of payment in cash, the refund too is given by re-credit in the scrip. Under Circular
30/2011-Customs dated 19 July 2011, a time limit upto 15 September 2011 had been prescribed for
use of the re-credited amounts. This has now been extended upto 31 March 2012.
Safeguard duty imposed on pthalic anhydride
Increased imports of pthalic anhydride into India were found to be causing serious injury to domestic
industry. The Director-General (Safeguard) found that the situation necessitates imposition of a
provisional safeguard duty. Accordingly the government has imposed a safeguard duty of 10% on
the import of pthalic anhydride into India, for a period of 180 days, by notification 1/2012-Customs
(SG) dated 17 January 2012. See the notification at http://cbec.gov.in/customs/cs-
act/notifications/notfns-2012/cs-sg2012/cssg01-2012.htm.
It may be noted that safeguard duty, unlike anti-dumping duty, is not country-specific or exporter-
specific. However, the law provides that if the source of the goods is a developing country, then the
duty may not be levied unless imports from that country three per cent of the total imports of that
article into the country. If the source of the article is more than one developing country, then the duty
may not be levied unless the aggregate imports from these countries exceeds nine per cent of the
total imports of the article into the country.
Changes in tariff values of brass scrap and poppy
seeds
The CBEC has notified changes in tariff value of
brass scrap (all grades) to USD 4007 per MT and of
poppy seeds to USD 1970 per MT. The notification,
number 2/2012-Customs (NT) dated 13 January
2012 can be seen at http://cbec.gov.in/customs/cs-
act/notifications/notfns-2012/cs-nt2012/csnt02-
2012.htm.
Rules for refund of anti-dumping duty
Anti-dumping duty, while worked out by the
designated authority on the basis of dumping
margin, is generally notified as a specific amount. In
other words, the notification will require that on all
imports of the specified item from the specified
exporter / country, a fixed duty of Rs xx will be
levied and collected. However section 9AA of the
Customs Tariff Act 1975, under which the duty is
levied, allows for refund if the anti-dumping duty is
in excess of actual margin of dumping in a
Udyog Software (India) Ltd (www.udyogsoftware.com)
Phone: 022-67993535, Email: sales@udyogsoftware.com
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual
or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is
accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information
without appropriate professional advice after a thorough examination of the particular situation. Page 2
3. particular case. In practice, the procedure for determination of whether refund was eligible was not
clear, and the field formations lacked the necessary expertise to process such a claim.
Now the central government has amended the Custom Tariff (Identification, Assessment and
Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995,
to put in place a procedure for determining whether dumping duty has been collected in excess of the
margin of dumping. These changes are notified under notification 6/2012-Customs(NT) dated 19
January 2012.
The central government has also notified a new set of rules under notification 5/2012-Customs(NT)
dated 19 January 2012 to govern such refunds. The new rules are called the Refund of Anti-Dumping
Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012. In terms of these rules, the
provisions of unjust enrichment will apply to the refunds.
The new rules for refund, as well as the amendments that provide for determination of amount paid
in excess of margin of dumping, can be downloaded at http://cbec.gov.in/customs/cs-
act/notifications/notfns-2012/cs-nt2012/csnt05-06-2012.pdf.
Circumvention of anti-dumping duty defined
In the same notification 6/2012-Customs(NT) dated 19 January 2012, referred to above, an important
amendment to the rules for anti-dumping duty
has defined what constitutes ‘circumvention’
of anti-dumping duty. A new rule 25 has been
inserted for the purpose. Under this rule,
(1) If an article that is subject to anti-dumping
duty is imported in unassembled, semi-
finished or incomplete form and the operation
is completed in India, it shall be considered to
circumvent the anti-dumping duty if (i) the
operation commenced or increased after, or
just prior to, the imposition of the anti-
dumping duty; and (ii) the value consequent
to the assembly, finishing or completion of
the article is less than 35% of the cost of the
assembled, finished or completed article, not
including the value of the imported parts and
also not including intellectual property costs
and consultancy charges.
(2) If the description, name or composition of
the article are altered by some process in
the exporting country before export, this is
considered circumvention.
(3) If the article that is subject to anti-
dumping duty is imported through some other
exporter or country not subject to anti-
dumping duty, by a change in the trade
Udyog Software (India) Ltd (www.udyogsoftware.com)
Phone: 022-67993535, Email: sales@udyogsoftware.com
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual
or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is
accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information
without appropriate professional advice after a thorough examination of the particular situation. Page 3
4. practice or pattern of sales, this is considered circumvention.
The Designated Authority will carry out investigations to determine whether there has been
circumvention in terms of this rule.
Service tax on prepayment of loans
In these columns we had earlier reported the issue of service tax being demanded from banks and
financial institutions on foreclosure charges. This was stated to be part of the value of the service of
giving loans. In a case of SIDBI, the Tribunal at Delhi had held that early closure of a loan account
was not a service but was termination of service. Now the Ahmedabad bench of the Tribunal has
differed with this view, and held that the charges are taxable. The case is reported as HUDCO v
CST, 2011-TIOL-1606-CESTAT-AHM.
Visit
www.udyogsoftware.com
Call us on
9320124365
or
022-67993535
Update Written
By Radha Arun,
Consultant To
Udyog Software ( India) Ltd
Udyog Software (India) Ltd (www.udyogsoftware.com)
Phone: 022-67993535, Email: sales@udyogsoftware.com
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual
or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is
accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information
without appropriate professional advice after a thorough examination of the particular situation. Page 4