The Federal Board of Revenue (FBR) has reported a substantial growth in sales tax collection on the import of Petroleum, Oil, and Lubricants (POL) products during the tax year 2022, reaching an impressive Rs459 billion.
KARACHI: Pakistan Customs has sealed over 1,600 petrol pumps across the country in its drive against smuggled petroleum products. The Federal Board of Revenue (FBR) in its performance report for the fiscal year 2021/2022 stated that Customs authorities initiated country wide operations against illegal POL outlets during the fiscal year. READ MORE: FBR directs IR […]
KARACHI: A big jump in petroleum prices in Pakistan has reduced the domestic sales of oil for the month of July 2022. According to details released on Tuesday Pakistan oil sales commenced the fiscal year 2022/2023 with a decline of 26 per cent MoM to clock in at 1.44 million tons in July 2022 (lowest […]
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has approved to fix petroleum dealers margin at Rs7 per liter for petrol and high speed diesel. The decision has been taken at a meeting of the ECC presided over by Finance Minister Miftah Ismail on Thursday. The Petroleum Division submitted a summary on revision of […]
KARACHI: The domestic sales of petroleum products in Pakistan have jumped up by 16 per cent to 22,595 metric tons in fiscal year 2021/2022 when compared with the preceding year, a report said on Monday. However, Pakistan oil sales declined by 11 per cent MoM to 1.9 million in June 2022 which is mainly driven […]
ISLAMABAD: The Federal Board of Revenue (FBR) has recorded a decline of 40 per cent in sales tax (ST) collection on petroleum (POL) products during the first half of the current fiscal year, according to official documents made available to PkRevenue.com According to the official statistics, the collection of sales tax fell to Rs69 billion […]
Prime Minister Imran Khan on Friday said the government has reduced taxes and duties on petroleum products to ease inflationary pressure. The Prime Minister Imran Khan said Pakistan has been put on right course with record exports, tax collection and remittances by the expatriates. READ MORE: Pakistan’s sensitive price inflation jumps up 18% Addressing a […]
ISLAMABAD: The Federal Board of Revenue (FBR) has announced sharp cut in sales tax on supply of petroleum products. The FBR on Thursday issued SRO 183(I)/2022 to reduce the sales tax against normal rate of 17 per cent. The revenue body previously issued SRO 88(I)/2022 dated January 18, 2022 to change the sales tax rates. […]
ISLAMABAD: The petrol price in Pakistan has been increased to a record high of Rs147.83 per liter, said a statement issued by the finance ministry on Saturday. The government announced to increase prices of all petroleum products with effect from January 16, 2022. READ MORE: Prices of all POL products increased to wish New Year […]
ISLAMABAD: The Federal Board of Revenue (FBR) on Monday notified an increase in sales tax on all the petroleum products. The FBR issued SRO 01(I)/2022 to notify increase in sales tax rates on petroleum products. The FBR amended the rates of sales tax, which were issued previously through SRO 1604(I)/2021 on December 16, 2021. READ […]