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FBR decides to decrease sales tax on petroleum products
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FBR decides to decrease sales tax on petroleum products

ISLAMABAD: The Federal Board of Revenue (FBR) has reduced the sales tax rates on petroleum products from 3 to 4.5 percent. After this decision, the petrol prices has been cut by Rs 1.80 per liter.

Secretary Sales Tax and Budget Muhammad Zaheer Qureshi has issued a SRO 757 (1) 2015 on 5th August 2017 in this regard.

According to the SRO, the FBR has reduced the sales rates on motor spirit (petrol) excluding HOBC 3 percent, from 23.5 percent to 20.5 percent and on high speed diesel 4.5 percent, from 40 to 35.5 percent. While kerosene oil and light diesel oil sales tax rates will remain same.

It is pertinent to mention here that four days before on 1st August 2017, Federal Board of Revenue was issued a SRO 713(1) 2017 and through the said SRO FBR had increased the sales tax rates on petroleum products from 3 percent to 6.5 percent. FBR increased the sales tax rates from 20.5 percent to 23.5 percent on motor spirit (petrol) excluding HOBC and 33.5 percent to 40 percent on high speed diesel (HSD) .

On Saturday FBR has issued a revised sales tax rates notification regarding petrol and diesel and increased sales rates on petrol while on diesel only 4.5 percent reduction has been made after the increased of 6.5 percent.