The Federal Board of Revenue (FBR) has estimated to collect Rs. 80-90billion in the remaining period of (2022-23) by imposing a 17 percent salestax on petroleum products.
The decision would be taken by Finance Minister Ishaq Dar to allow the FBRto issue a notification to impose a 17 percent sales tax on all petroleumproducts.
The FBR’s work revealed that the FBR can generate additional revenue of Rs.80-90 billion through this measure. The revenue generation measure wouldreduce the number of new taxation measures after charging a standard rateof sales tax on POL products.
Budget markers informed late Monday night that the FBR continueddeliberations the whole day to impose a sales tax or increase salestax/excise duty on beverages, and cigarettes and withdrawal of sales taxexemption on the import of inputs used by the export sectors.
Read Top Stories
The FBR has repeatedly proposed the imposition of the sales tax on POLproducts, but the proposal was rejected by Finance Minister Ishaq Dar.
Recently, the Economic Coordination Committee (ECC) of the Cabinet haddeferred the Federal Board of Revenue’s proposal seeking the imposition ofa 17 percent sales tax on the High Octane Blending Component (HOBC) andRON-97.
