OMCs collect income tax from petrol pumps

OMCs collect income tax from petrol pumps

Section 156A of Income Tax Ordinance, 2001 explains about the collection of income tax from petrol pumps by Oil Marketing Companies (OMCs).

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 156A of Income Tax Ordinance, 2001:

156A. Petroleum Products.— (1) Every person selling petroleum products to a petrol pump operator shall deduct tax from the amount of commission or discount allowed to the operator at the rate specified in Division VIA of Part III of the First schedule.

(2) The tax deductible under sub-section (1) shall be a final tax on the income arising from the sale of petroleum products to which sub-section (1) applies.

(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

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