Sunday, January 16, 2022

FBR Notify to increase CNG valuation by 84% for sales tax collection

The Federal Board of Revenue (FBR) has increased the value of compressed natural gas (CNG) for the purpose of collecting sales tax by up to 84 percent.

The revenue board notifies the gas transmission and distribution businesses of the value of supply to CNG consumers for the purpose of charging sales tax from CNG filling stations by the gas transmission and distribution companies.

The Federal Bureau of Revenue (FBR) issued SRO 1464 (I)/2021 on November 15, 2021, to apply the enhanced valuation of CNG sales. Previously, it had issued SRO 690 (I)/2019, which established the value of compressed natural gas.

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The Federal Board of Revenue increased the value of compressed natural gas (CNG) by 84.45 percent to Rs128.11/kg from Rs69.57/kg for Region II.

In a similar vein, the value of compressed natural gas (CNG) has been raised by 82 percent to Rs134.57/kg from Rs74.04/kg in Region–II.

According to the Federal Bureau of Revenue, Region–I consist of Khyber-Pakhtunkhwa, Balochistan, and the Potohar Province (Rawalpindi, Islamabad, and Gujar Khan).

As with Region–I, Sindh and Punjab are included in Region–II, with the exception of the Potohar Region.

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