Sunday, June 4, 2023

FBR impose Sales tax on petroleum

The Federal Board of Revenue (FBR) has announced that a 10.54 percent sales tax will be levied on petroleum products.

It was announced that 10.54 percent would be taxed on gasoline, 11.64 percent would be levied on high-speed diesel, 6.70 percent would be charged on Kerosene, and 0.20 percent would be levied on light diesel, with the remainder being distributed among other things.

It has been discovered that there have been no changes to the sales tax to be imposed on petroleum items in the latest FBR announcement and that the prior amounts have been maintained.

According to a statement published by the Finance Ministry on September 15, the federal government increased the price of gasoline by Rs5 per liter for the next 15 days in September 2021.

Read Also: CCOE refuses high gas prices

The government has approved an Rs5 per liter hike in the price of petrol and an Rs5.01 per liter increase in the price of diesel, respectively.

The price of kerosene oil has increased by Rs5.46 per liter, while the price of light diesel has increased by Rs5.92 per liter to Rs5.92.

Meanwhile, a person had filed a complaint with the Lahore High Court against the recent hike in the cost of petroleum products (LHC).

He said in his appeal that, last week, the government increased the price of petroleum goods, without first obtaining consent from the federal cabinet.

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