The Direct Taxes Code, 2012

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1 The Direct Taxes Code, 2012 National Board of Revenue Rajaswa Bhaban Segunbagicha, Dhaka. 0

2 Contents Section Title Page Chapter I Preliminary 1. Short title, extent and commencement Definitions... 1 Chapter II Basis of charge 3. Liability to pay, and charge of, income tax Charge of additional tax Charge of surcharge Scope of total income Resident in Bangladesh Income deemed to accrue in Bangladesh Income deemed to be received in a tax year Dividend income Total income to include income of any other person Income of individual to include income of spouse, minor child and others Income not included in the total income Chapter III Computation of income Part A Heads of income 14. Heads of income Part B Salaries 15. Salaries Meaning and scope of salary Inadmissibility of deduction from salary Value of Perquisite Exclusion from salary income Part C Income from house property 20. Income from house property Meaning of 'rent received or receivable from house property' Deductions from income from house property

3 Section Title Page Part D Agricultural income 23. Agricultural income Meaning of agricultural income Deductions from agricultural income Part E Income from business 26. Net business income Meaning of business Computation of business income Gross income from business Determination of business expenditure Computation of capital allowances Determination of normal depreciation Terminal Allowance Deduction for scientific research and development allowance Computation of proft on transfer of a business capital asset Special provisions relating to business reorganisation Deduction for expenses incurred to earn business income No deduction for expenses against public policy No deductions until withholding obligations discharged Recouped deductions Limitations on specific expenses Bad debts Part F Capital gains 43. Net income from capital assets Meaning of capital assets Computation of capital gains Part G Income from other sources 46. Income from other sources Deductions in computing income chargeable under the head income from other sources Chapter IV Methods of accounting 48. Method of accounting Cash basis accounting Accrual basis accounting

4 Section Title Page 51. Stock-in-trade Long term contracts Finance lease Foreign currency debt gains and losses Chapter V Losses 55. Set off losses Carry forward of business losses Set off of business loss consequent to amalgamation Carry forward of speculation business losses Carry forward of capital losses Limitations on set off and carry forward of losses Chapter VI Payment of tax on income before assessment 61. General provisions for deduction at source and advance payment of tax Deduction at source from salaries Deduction at source from interest or profit Deduction at source from discount or interest of Bangladesh Bank bills or securities Deduction of tax from dividends Collection of tax by registering or licensing authorities Deduction or collection at source from payment to service providers Collection of tax from stock exchange transactions Deduction from payment to contractors etc Collection of tax from persons engaged in real estate or land development business Collection of tax from cigarette manufacturers Deduction at source from house property Collection of tax by Customs authority Collection of tax from export Deduction at source from compensation against acquisition of property Collection of tax on sale price of goods or property sold by public auction Deduction of tax from income derived on account of export of manpower Deduction of tax from commission or remuneration paid to agent of foreign buyer Deduction of tax from advertisement bill of newspaper or magazine or private television channel Deduction from income from lottery etc Deduction from income of non-residents Consequences of failure to deduct etc Certificate of deduction etc., of tax

5 Section Title Page 84. Payment to government of tax deducted Unauthorised deduction prohibited Power to levy tax without prejudice to other mode of recovery Credit of tax deducted or collected at source Payment of tax where no deduction is made Return of tax collected or deducted Advance payment of tax Instalment of advance tax Computation of advance tax Failure to pay instalment of advance tax Levy of interest for failure to pay advance tax Interest payable by the assessee on deficiency in payment of advance tax Payment of tax on the basis of return of income Chapter VII Return of income and assessment Part A Return of income 97. Return of income Notice for filing return of income Filing of revised return of income Self assessment tax on income Acknowledgement of return of income Part B Assessment of income 102. Processing of return Selection of return for scrutiny assessment Scrutiny assessment Assessment where no return is filed Assessment in case of succession to business otherwise than on death Assessment in case of discontinued business Assessment in case of persons leaving Bangladesh Assessment in case of income of a deceased person Assessment in case of income escaping assessment, etc Amendment of assessments Part C Liabilities in special cases 112. Non-resident ship owner or charterer Non-resident aircraft owner or charterer Assessment of persons about to leave Bangladesh Chapter VIII Gift tax 4

6 Section Title Page 115. Charge of gift tax Exemption in the case of certain type of gifts Method for determination of the value of gift Determination and collection of gift tax Submitting return of gift tax Late submission and revised return Assessment of gift tax Payment of gift tax Penalty for default and concealment of facts regarding gift tax Notice of demand for gift tax Recovery of gift tax and penalty Limitation of implementing certain laws Chapter IX Property tax 127. Charge of property tax Computation of net property Net property to include certain assets Chapter X Penalty 130. Penalty for failure to furnish a return or statement Penalty for failure to display TIN or use fake TIN Penalty for non-payment of tax Penalty for failure to pay, deduct or collect tax, etc Penalty for concealment of income Penalty for failure to maintain records Penalty for non-compliance with notice Penalty for making false or misleading statements Penalty for obstruction Conditions for the imposition of penalty Orders of Appellate Joint Commissioner of Taxes, etc., to be sent to Deputy Commissioner of Taxes Penalty to be without prejudice to other liability Chapter XI Appeal, revision and reference 142. Appeal against order of the Assessing Officer Form of appeal and limitation Procedure in appeal before the Appellate Joint Commissioner of Taxes or the Appellate Additional Commissioner of Taxes or the Commissioner of Taxes (Appeals) Decision in appeal by the Appellate Joint Commissioner of Taxes or the Appellate Additional Commissioner of Taxes or the Commissioner of Taxes (Appeals)

7 Section Title Page 146. Appeal to the Taxes Appellate Tribunal Disposal of appeal by the Taxes Appellate Tribunal Reference to the High Court Division Decision of the High Court Division Appeal to the Appellate Division Revisional power of the Commissioner of Taxes Chapter XII Advance Rulings and Alternative Dispute Resolution Part-A Advance Ruling 152. Scope of Advance Ruling Authority for Advance Rulings Procedure for advance ruling Bar on proceedings in certain cases Cases where Advance Ruling is applicable Advance rulings to be void in certain cases Powers of Authority Procedure of the Authority Definitions Part-B Alternative Dispute Resolution 161. Alternative Dispute Resolution Commencement of ADR Application for alternative resolution of disputes Eligibility for application for ADR Appointment of Facilitator and his duties and responsibilities Rights and duties of the assessee for ADR Nomination and responsibility of the Commissioner's Representative in ADR Procedures of disposal by the Alternative Dispute Resolution Decision of the ADR Effect of agreement Limitation for appeal where agreement is not concluded Post verification of the agreement Bar on suit or prosecution Definition Chapter XIII Offences and prosecutions 175. Prosecution for non-compliance with certain statutory obligations Prosecution for false statement in verification Prosecution for failure to maintain records Punishment for improper use of Taxpayer's Identification Number Prosecution for making false or misleading statements

8 Section Title Page 180. Prosecution for obstructing an income tax authority Prosecution for disposal of property to prevent attachment Prosecution for unauthorised disclosure of information by a public servant Prosecution for abetment Offences by companies and associations of persons Institution of prosecution proceedings without prejudice to other action Sanction for prosecution Power to compound offences Trial by Special Judge Chapter XIV Refunds 189. Entitlement to refund Claim of refund for deceased or disabled persons Correctness of assessment, etc., not to be questioned Refund on the basis of orders in appeal Form of claim and limitation Interest on delayed refund Adjustment of refund against tax Chapter XV Recovery of tax 196. Tax to include penalty, interest, etc Notice of demand Other modes of recovery Recovery of tax through Collector of District Collection of tax in the case of private companies and associations of persons Recovery of tax from persons holding money on behalf of a taxpayer Recovery through liquidator Recovery of tax due by non-resident member of an association of persons Initiation etc. of recovery proceedings Chapter XVI Avoidance of double taxation 205. Agreements for the avoidance of double taxation and prevention of fiscal evasion Foreign source salary of resident individuals Foreign tax credit Foreign losses

9 Section Title Page Chapter- XVII Provisions relating to anti-avoidance of tax 209. Avoidance of tax through transactions with non-residents Disallowance of expenditure incurred for payment to associates Determination of income from international transaction having regard to arm s length price Determination of arm s length price Avoidance of tax through transactions with non-residents Avoidance of tax by sale and buy-back transaction in security Avoidance of tax by buy and sale-back transaction in security Broken-period income accruing from a debt instrument General anti-avoidance provision Chapter XVIII Exemption and concessions regarding taxes on income 218. Exemptions from tax on income Concessionary rate of tax on income Rebate of tax on income Exemptions and tax provisions in other laws Limitation of exemption Chapter XIX Management Part A Tax administration 223. Direct tax authorities Appointment and control of tax authorities Power of higher authorities Powers of the Board to issue instructions Jurisdiction of direct tax authorities Exercise of jurisdiction by successor Guidance to the Deputy Commissioner of Taxes, etc Exercise of assessment functions by the Inspecting Joint Commissioner of Taxes or the Inspecting Additional Commissioner of Taxes Powers regarding discovery and production of evidence Powers to call for information and production of evidence Power to inspect registers of companies Power to verify deduction or collection of tax Retention of seized assets Handing over of seized assets Retention and release of books of account or documents seized or requisitioned assets Power of survey Confidentiality of information relating to seized assets Judicial nature of proceeding

10 Section Title Page 241. Power of Inspecting Additional Commissioner of Taxes or Inspecting Joint Commissioner of Taxes to revise orders of Deputy Commissioner of Taxes Correction of errors Part B Taxes Appellate Tribunal 243. Appointment of Tribunal Exercise of power of the Taxes Appellate Tribunal by Benches Decision of Bench Exercise of power by one member Regulation of procedure Chapter XX Miscellaneous 248. Statements, returns, etc. to be confidential Taxpayer's identification number Requirement of certificate in certain cases Displaying of taxpayer s identification number certificate Tax collection account number Obligation to furnish annual information return Service of notice Notice deemed to be valid under certain conditions Appearance by authorised representative Tax to be calculated to nearest taka Indemnity Certain errors not to vitiate assessment etc Bar of suits in civil courts Reward to officers and employees of the Board and its subordinate 160 income tax officers for collection and detection of evasion of taxes Assistance to income tax authorities Chapter XXI Rules and repeal 263. Power to make rules Repeal Savings Removal of difficulties

11 Schedule Title Page First Schedule Rates of tax on income Part A General rate of tax on income Part B Rate of tax on certain capital gains Part C Rate of settled tax on income of certain categories of business Second Schedule Rates of gift and property tax Part A Rate of gift tax Part B Rate of property tax Third Schedule Deduction or collection of tax at source Part A Collection of tax from transfer of property Part B Collection of tax from registration or renewal of fitness of motor vehicle Part C Collection of tax during transfer of ownership or renewal 169 of survey certificate in case of inland water vessels... Part D Collection of tax during renewal of trade license Part E Collection of tax during issuing permission for brick field Part F Collection of tax from supply of goods or execution of contract or sub-contract for any work Fourth Schedule Computation of profits and gains from the exploration and extraction of mineral deposits Part A Computation of profits and gains from the exploration and production of petroleum and natural gas and determination of the tax thereon Part B Computation of profits and gains from the exploration and extraction of mineral deposits (other than petroleum and natural gas) in Bangladesh Fifth Schedule Computation of the profits and gains of insurance business Part A Life insurance Part B General insurance Sixth Schedule Depreciation and amortization Part A Depreciation Part B Balancing charge from the disposal of depreciable property Part C Amortisation of pre-commencement expenditure Part D Amortisation of other intangible assets Part E Balancing charge from the disposal of intangible asset Seventh Schedule Provident fund, superannuation fund or pension fund and gratuity fund Part A Recognized provident fund

12 Part B Approved superannuation fund or pension fund Part C Approved gratuity fund Eighth Schedule Part A Part B Exclusion from total income Exclusion from total income for persons other than a company Exclusion from total income for persons being a company Ninth Schedule Concessionary rate of tax Tenth Schedule Tax rebate Part A Items subject to tax rebate at specified rate Part B Items subject to tax rebate at average rate

13 Direct Taxes Code Bill, 2012 A Bill to consolidate and amend the law relating to income tax, gift tax and property tax. WHEREAS it is expedient to consolidate and amend the law relating to income tax, gift tax and property tax; It is hereby enacted as follows: Chapter I Preliminary 1. Short title, extent and commencement.- (1) This code may be called the Direct Taxes Code, (2) It extends to the whole of Bangladesh. (3) It shall come into force on the 1st day of July, Definitions.- In this Code, unless there is anything repugnant in the subject or context, (1) "accrual" in relation to expenditure, income, liability or receipt, with its grammatical variations, shall include expenditure, income, liability or receipt which has arisen; (2) "accumulated profits" in relation to dividend, includes (a) any reserve made up wholly or partly of any allowance, deduction or exemption admissible under this Code; as used in sub-clauses (a), and (d) of clause (44), includes all profits of the company up to the date of such distribution; and as used in sub-clause of clause (44), includes all profits of the company up to the date of its liquidation; (3) advance ruling shall have the meaning assigned to it in section 160; (4) "advance tax" means the advance income tax payable in accordance with the section 90; (5) "Additional Director General of Taxes" means a person appointed to be an Additional Director General of Taxes under section 223; (6) agricultural income means as agricultural income as defined in section 23; (7) agricultural land means any land situated in Bangladesh which is used for agricultural purposes and (a) is assessed to land revenue in Bangladesh; or 12

14 is subject to a local rate assessed and collected by officers of the Government as such; (8) amalgamation, in relation to companies, means the merger of one or more companies with another company, or the merger of two or more companies to form one company, if- (a) all the property of the amalgamating company or companies immediately before the merger, becomes the property of the amalgamated company; all the liabilities of the amalgamating company or companies immediately before the merger, become the liabilities of the amalgamated company; and the shareholders holding not less than nine-tenths in value of the shares in the amalgamating company or companies (other than shares already held therein immediately before the merger by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the amalgamated company; (9) "amalgamated company" means- (a) a company which amalgamating company or companies merge; or a company formed as a result of merger of two or more amalgamating companies; (10) "amalgamating company" means a company which - (a) merges with another company, or merges with another company to form a new company; (11) annual value in relation to any property let out, shall be deemed to be (a) the sum for which property might reasonably be expected to let from year to year and any amount received by letting out furniture, fixture, fittings etc appurtenant thereto ; or where the annual rent in respect thereof is in excess of the sum referred to in sub- clause (a), the amount of the annual rent; (12) Appellate Additional Commissioner of Taxes means a person - (a) appointed to be an Appellate Additional Commissioner of Taxes under section 223; and appointed to hold current charge of an Appellate Additional Commissioner of Taxes; (13) Appellate Joint Commissioner of Taxes means a person - (a) appointed to be an Appellate Joint Commissioner of Taxes under section 223; and appointed to hold current charge of an Appellate Joint Commissioner of Taxes; 13

15 (14) Approved gratuity fund means a gratuity fund which has been and continues to be approved by the Board in accordance with the provisions of Part C of the Seventh Schedule; (15) Approved superannuation fund or Pension Fund" means a superannuation fund which has been and continues to be approved by the Board in accordance with the provisions of Part B of the Seventh Schedule; (16) assessee, means a personby whom any tax or other sum of money is payable under this Code, and includes (a) who is required to file a return of income under this Code; who desires to be assessed and submits his return of income under this Code; (d) (e) (f) (g) in respect of whom any proceeding under this Code has been initiated; who is deemed to be a person under this Code; by whom any tax, or any other sum of money, is payable under this Code; to whom any amount of refund is payable under this Code; or who is a person in default; (17) "assessee in default" means- (a) a person who has failed to fulfill his obligation under this Code or has failed to make payment of any amount due from him; or a person who is deemed to be person in default under any provision of this Code; (18) "Assessing Officer" means the Extra Assistant Commissioner of Taxes, Assistant Commissioner of Taxes, Deputy Commissioner of Taxes, Joint Commissioner of Taxes and Additional Commissioner of Taxes who is vested with the relevant jurisdiction; (19) assessment, with its grammatical variations and cognate expressions, includes re-assessment and amended or further assessment; (20) assessment includes (a) reassessment; (d) any order giving effect to the directions of an Appellate Authority; any order under section 149 or section 150; and any order under section 242 rectifying any mistake apparent on the face of the record with reference to sub-clause (a) or sub-clause or sub-clause ; 14

16 (21) Assistant Commissioner of Taxes means a person appointed to be an Assistant Commissioner of Taxes under section 223; (22) Assistant Director General of Taxes means a person appointed to be an Assistant Director General of Taxes under section 223; (23) Bangladeshi company means a company formed and registered under the Companies Act, 1913 (VII of 1913) or Kv cvbx AvBb, 1994 (1994 m bi 18 bs AvBb), and includes a body corporate established or constituted by or under any law for the time being in force in Bangladesh having in either case its registered office in Bangladesh; (24) Banking company has the same meaning as in e vsk Kv cvbx AvBb, 1991 (1991 m bi 14 bs AvBb), and includes any body corporate established or constituted by or under any law for the time being in force which transacts the business of banking in Bangladesh; (25) Board means the National Board of Revenue constituted under the National Board of Revenue Order, 1972 (P.O. No. 76 of 1972); (26) books or books of account includes journals, ledgers, day-books, cash books, account books, stock register and other books, kept- (a) in the written form; as data stored in a disc, floppy, or flash drive, tape or any other form of electro-magnetic data storage device; or as print outs or image of the data stored in any of the form referred to in clause ; (27) business means business as defined in section 27; (28) "business connection" in relation to a non-resident shall include any business activity carried out through a person who, acting on behalf of the non resident,- (a) has an authority to conclude a contract on behalf of the non-resident in Bangladesh, and habitually exercises it, unless his activities are limited to purchase of goods or merchandise for the non-resident; has no such authority, but habitually maintains in Bangladesh a stock of goods or merchandise from which he regularly delivers them on behalf of the non-resident; or habitually secures orders in Bangladesh, mainly or wholly for the nonresident or for that non-resident and its associated enterprise; (29) capital asset means capital asset as defined in section 44; (30) charitable purpose includes relief of the poor, education, medical relief and the advancement of any object of general public utility; 15

17 (31) chartered accountant means a chartered accountant as defined in the Bangladesh Chartered Accountants Order, 1973 (P.O. No. 2 of 1973); (32) child, in relation to any individual, includes a step-child and an adopted child of that individual; (33) Commissioner of Taxes means a person appointed to- (a) be a Commissioner of Taxes under section 223; or hold current charge of a Commissioner of Taxes ; (34) Commissioner of Taxes (Appeals) means a person appointed to- (a) be a Commissioner of Taxes (Appeals) under section 223; or hold current charge of a Commissioner of Taxes (Appeals); (35) company means (a) a company as defined in the Companies Act, 1913 (VII of 1913) or Kv vbxavbb, 1994 (1994 m bi 18 bs AvBb); or (d) (e) (f) a body corporate established or constituted by or under any law for the time being in force; or any nationalised banking or other financial institution, insurance body and industrial or business enterprise; or an association or combination of persons, called by whatever name, if any of such persons is a company as defined in the Companies Act, 1913 (VII of 1913) or Kv vbxavbb, 1994 (1994 m bi 18 bs AvBb); or any association or body incorporated by or under the laws of a country outside Bangladesh; or any foreign association or body, not incorporated by or under any law, which the Board may, by general or special order, declare to be a company for the purposes of this Code; (36) co-operative society means a co-operative society registered under the Cooperative Societies Act, 1940 (Beng. Act XXI of 1940), or mgevq mwgwz AvBb, 2001 (2001 m bi 47 bs AvBb) or under any other law for the time being in force governing the registration of co-operative societies; (37) cost and management accountant means a cost and management accountant as defined in the Cost and Management Accountants Act, 1977 (LIII of 1977); (38) deduction of tax at source or collection of tax at source means deduction or collection of tax under Chapter VI of this Code, with all their grammatical variations; 16

18 (39) deductor or collector means a person responsible for making any payment in respect of which he is liable to deduct or collect tax source under Chapter VI of this Code; (40) Deputy Commissioner of Taxes means a person appointed to be a Deputy Commissioner of Taxes under section 223, and includes- (a) an Assistant Commissioner of Taxes; or an Extra Assistant Commissioner of Taxes; (41) Deputy Director General of Taxes means a person appointed to be a Deputy Director General of Taxes under section 223; (42) director and manager in relation to a company have the meanings assigned to them in the Companies Act, 1913 (VII of 1913) or Kv vbxavbb, 1994 (1994 m bi 18 bs AvBb); (43) Director General of Taxes means a person appointed to be a Director General of Taxes under section 223; (44) dividend includes (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of its assets or reserves; (d) (e) (f) any distribution by a company, to the extent to which the company possesses accumulated profits, whether capitalized or not, to its shareholders of debentures, debenture-stock or deposit certificates in any form, whether with or without interest; any distribution made to the shareholders of a company on its liquidation to the extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation, whether capitalized or not; any distribution by a company to its shareholders on the reduction of its capital, to the extent to which the company possesses accumulated profits, whether such accumulated profits have been capitalized or not; any profit remitted outside Bangladesh by a company not incorporated in Bangladesh under Kv cvbx AvBb, 1994 (1994 m bi 18 bs AvBb); any payment by a private company of any sum (whether as representing a part of the assets of the company or otherwise) by way of advance or loan to a shareholder or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company, in either case, possesses accumulated profit; but does not include (i) a distribution made in accordance with sub-clause or sub-clause (d) in respect of any share including preference share for full cash 17

19 consideration, or redemption of debentures or debenture-stock, where the holder of the share or debenture is not entitled in the event of liquidation to participate in the surplus assets; (ii) any advance or loan made to a shareholder in the ordinary course of its business, where the lending of money is a substantial part of the business of the company; (iii) any dividend paid by a company which is set off by the company against the whole or any part of any sum previously paid by it and treated as dividend within the meaning of sub-clause (e) to the extent to which it is so set off; (iv) any bonus share issued by a company; (45) employer means any person who engages an employee and is obliged to pay compensation to him, and also includes a former employer; (46) employee means any individual engaged in employment; (47) employment includes- (a) a directorship or any other office involved in the management of the company; or a position entitling the holder to a fixed or ascertainable remuneration; or the holding or acting in any public office; (48) Extra Assistant Commissioner of Taxes means a person appointed to - (a) be an Extra Assistant Commissioner of Taxes under section 223; or hold current charge of an Extra Assistant Commissioner of Taxes; (49) fair value means, in relation to capital asset (a) the price which such asset would ordinarily fetch on sale in the open market on the relevant day; or where the price referred to sub-clause (a) is not ascertainable, the price which the Deputy Commissioner of Taxes may, with the approval in writing of the Inspecting Joint Commissioner of Taxes, determine; or the residual value received from the lessee in case of an asset leased by a financial institution having license from the Bangladesh Bank on termination of lease agreement on maturity or otherwise subject to the condition that such residual value plus amount realised during the currency of the lease agreement towards the cost of the asset is not less than the cost of acquisition to the lessor financial institution; (50) financial institution means any financial institution as defined in Avw_ K cöwzôvb AvBb, 1993 (1993 m bi 27 bs AvBb); 18

20 (51) firm has the same meaning as assigned to it in the Partnership Act, 1932 (IX of 1932); (52) foreign company means a company which is not a Bangladeshi company; (53) gift means wilful transfer of movable or immovable property by one person to another without receiving any money or equivalence to monetary value of the property so transferred; (54) income includes (a) any amount chargeable to tax under this Code; any amount subject to collection or deduction of tax at source under this Code; any loss of such income; but does not include bonus share; (55) Inspecting Additional Commissioner of Taxes means- (a) a person appointed to be an Inspecting Additional Commissioner of Taxes under section 223; a person appointed to hold current charge of an Inspecting Additional Commissioner of Taxes; (56) Inspecting Joint Commissioner of Taxes means- (a) a person appointed to be an Inspecting Joint Commissioner of Taxes under section 223; a person appointed to hold current charge of an Inspecting Joint Commissioner of Taxes; (57) Inspector of Taxes means - (a) a person appointed to be an Inspector of Taxes under section 223; a person appointed to hold current charge of an Inspector of Taxes; (58) interest means - (a) any amount payable to any person, in any manner, in respect of any money borrowed or debt incurred; any service fee or other charge in respect of the money borrowed or debt incurred or in respect of any credit facility which has not been utilised; any amount payable to any person against a deposit, claim or other similar right or obligation; (59) Joint Director General of Taxes means a person appointed by a Joint Director General of Taxes under section 223; 19

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