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FBR issues new sales tax amendment on petroleum products

FBR issues new sales tax amendment on petroleum products

ISLAMABAD: The government increased the Prices of petroleum products and the Federal Board of Revenue has increased the sales tax on high speed diesel to 29.5%.

According to details, Federal Finance Minister Ishaq Dar has announced Rs1.00 per liter increase in the prices of petrol and diesel while other petroleum products prices will remain same. While talking to the media, finance minister said the prices of kerosene oil and light diesel will remain same. The government will continue to pay the subsidy on both products.

“We are doing try hard to keep the prices of petroleum products at minimum level”, the minister said.

According to sources, the purpose of increased in petroleum prices to meet the short fall in tax revenue. It was report of Federal Board of Revenue that due to less in taxes levied on petroleum products Federal board of revenue is facing revenue short fall and it is imperative to fill this gap the sales tax and other taxes and duties on products should be increased otherwise the gap will be go widen on every month and it will be hard for FBR to meet the revenue targets. The 1 rupee increased is not in the price of petroleum products actually it is increased in the sales tax levied on Petrol and Diesel.

FBR has issued the new sales tax amended SRO no 91 (1) 2017 in this regard and sales tax on high speed diesel has been increased by the 29.5 %.