Karachi, January 31, 2024 – The collection of petroleum levy in Pakistan has experienced an unprecedented surge, witnessing a remarkable increase of 166 percent during the first half (July – December) of the current fiscal year, as reported by data released by the Ministry of Finance.
Karachi, January 2, 2024 – JS Global Research analysts have projected petroleum levy collection to reach Rs 486 billion during the first half (July – December) of the fiscal year 2023-24.
Karachi, November 16, 2023 –The citizens in Pakistan are set to continue enjoying a sales tax holiday on the purchase of petroleum products throughout the second half of November 2023 in a move of the government aimed at providing relief to the masses amidst a global economic downturn.
Karachi, September 5, 2023 – Pakistan has taken significant steps to enhance oversight and control over the collection of petroleum levy, signaling a move towards more transparent and efficient revenue collection in the petroleum sector.
Karachi, July 1, 2023: In a move that has disappointed the public during Eid ul Azha, the Pakistan government has decided to increase the levy on petrol to Rs55, instead of providing relief on petroleum prices. The decision, announced by Finance Minister Ishaq Dar, came into effect on July 1, 2023.
In a bid to generate non-tax revenue, Pakistan has recently announced an increase in the petroleum levy, raising it to Rs60 per liter.
Pakistan is expected to implement a petrol price hike starting from July 2023, during the fiscal year 2023/2024. The decision stems from the government’s ambitious goal of collecting approximately Rs870 billion in petroleum levies to enhance revenue generation, as outlined in budget documents.
Despite Challenges, Pakistan Sets Ambitious Revenue Target for Petroleum Levy in the Next Fiscal Year
The collection of petroleum levy in Pakistan has soared by 189 percent to Rs362.48 billion during first nine months (July – March) 2022-2023 as compared with Rs125.56 billion in corresponding months of the last fiscal year, official data revealed.
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Friday approved increasing petroleum levy to Rs50 per liter on RON 95. Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the ECC at Finance Division. READ MORE: Petroleum sales decrease by 22% in four months of 2022-2023 Federal […]