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Tag: petroleum products

  • FBR issues uniform 17pc sales tax rates for petroleum products

    FBR issues uniform 17pc sales tax rates for petroleum products

    ISLAMABAD: Federal Board of Revenue (FBR) on Sunday issued uniformed sales tax rates for petroleum products effective from July 01, 2019.

    To implement the sales tax rates for petroleum products from July 01, 2019 the FBR issued SRO 700(I)/2019 on Sunday.

    In the earlier SRO 602(I)/2019 dated May 31, 2019, the FBR fixed the sales tax rate included: petrol 13 percent; high speed diesel oil, 13 percent; kerosene oil 17 percent; and light diesel oil at 17 percent.

    The FBR sources said that the sales tax rates have been increased on the two major products including petrol and high speed diesel oil, which are main revenue spinner.

    The FBR has been given Rs5,550 billion target for fiscal year 2019/2020, which is apparently an impossible target on the back of weak economic conditions and lower manufacturing output.

  • FBR notifies sales tax rates on petroleum products for May 2019

    FBR notifies sales tax rates on petroleum products for May 2019

    ISLAMABAD: Federal Board of Revenue (FBR) on Saturday notified sales tax rates for petroleum products for the month of May 2019.

    The FBR issued SRO 507(I)/2019 on May 04, 2019 to amend the rates issued on April 30 and also amend the SRO 57(I)/2016 dated January 29, 2016.

    Following sales tax rates on petroleum products will be applicable for the month of May 2019:

    Petrol 12 percent ad valorem

    High Speed Diesel oil 17 percent ad valorem

    Kerosene 17 percent ad valorem

    Light Diesel Oil 17 percent ad valorem

    Earlier, the FBR issued SRO 499(I)/2019 issued on April 30, 2019 and reduced temporarily till May 05 at the rates: petrol 2 percent, HSD 13 percent, kerosene 8 percent and light diesel oil 9 percent.

  • ECC reduces sales tax on petrol by 5 percent

    ECC reduces sales tax on petrol by 5 percent

    Islamabad: The Economic Coordination Committee of the Cabinet (ECC) has taken a significant step towards providing relief to the masses by approving a reduction of sales tax by five percent.

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  • FBR reduces up to 88 percent sales tax on petroleum products

    FBR reduces up to 88 percent sales tax on petroleum products

    ISLAMABAD: Federal Board of Revenue (FBR) has significantly reduced the sales tax rates up to 88 percent on supply of petroleum products for five days.

    The FBR issued SRO 499(I)/2019 dated April 30, 2019 to announced reduction in sales tax rates on petroleum products.

    The government a day earlier announced not to immediately pass on the rise in oil prices to consumers and referred the issue to the Economic Coordination Committee of the Cabinet to decide the petroleum prices for the month of May 2019.

    Meanwhile, the government absorbed the rise in petroleum price by reducing the sales tax rates on petroleum products till May 05, 2019.

    The FBR amended the SRO 1574(I)/2018 dated December 31, 2018 through the latest notification, under which the sales tax on petrol reduced by 88 percent to 2 percent from 17 percent.

    The sales tax rate on High Speed Diesel has been reduced by 23.6 percent to 13 percent from 17 percent.

    The FBR reduced the sales tax rate on kerosene oil by 53 percent to 8 percent from previous 17 percent.

    Similarly the sales tax rate on light diesel oil has been reduced by 47 percent to 9 percent from 17 percent.