Saturday, February 4, 2023

7pc tax on petroleum goods will be imposed due to PTI agreement: Miftah Ismail

According to the deal that the Pakistan Tehreek-e-Insaf (PTI) signed with the International Monetary Fund (IMF), Finance Minister Miftah Ismail stated that a tax of 7 percent was going to be levied on petroleum goods.

The Minister of Finance, Miftah Ismail, and the State Minister for Petroleum, Musadik Malik, gave a press conference together. According to him, the performance of the Federal Board of Revenue (FBR) has improved, and the agency has paid out all refund requests.

He stated that they had been successful in making progress on the IMF program and that the discussions with the officials from the IMF were proceeding in a constructive manner. Ismail claimed that Imran Khan, who had previously served as prime minister, had broken the agreement with the IMF. In addition, he mentioned that there was an increase in the cost of petrochemical products on the international market.

According to the minister of finance, the current administration has resurrected the deal with the IMF and has increased taxes on the wealthy.

Earlier in the day, Ismail posted a message on Twitter in which he congratulated the Chairman of the Federal Board of Revenue (FBR) and his staff on exceeding the upwardly revised tax target of Rs 6.1 trillion for the fiscal year 2021-22. The FBR reported an increase of 32 percent in the amount of money it collected, reporting 763 billion rupees on June 22 as opposed to 580 billion rupees on June 21. Refunds of 39 billion rupees were distributed on June 22, up 44 percent from the 27 billion rupees distributed on June 21.

In another one of his tweets, he said things like, “I appreciate the FBR crew for its exceptional achievement in this quarter.” The total amount of taxes collected in the fourth quarter was Rs 1741 billion, which is a 29 percent raise over the previous year’s total of Rs 1351 billion. Refunds totaling 105 billion rupees were distributed during the fourth quarter of the current fiscal year, compared to 68 billion rupees distributed during the same time period in the previous fiscal year.

Read Also: Petrol price rose by Rs 14.85 per liter

Additionally, the minister of finance stated, “A few days ago, in accordance with Prime Minister Shehbaz Sharif’s instructions, we paid all processed DLTL claims that had been outstanding for the previous three years. Today, FBR made payments on all of the processed claims that were due for the Faster, Sales Tax, Income Tax, and Export Rebate. Every single claim that was handled. Alhamdolillah.”

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