Summary Ishaq Dar has increased time limit of 4% withholding tax on bank term deposits and tax return file
ISLAMABAD (Dunya News) – While shifting part burden on the people, the government has lowered taxes on petroleum products following crude oil price cut in international market, Dunya News reported Friday.
Sales tax on petrol has been decreased to Rs 12.89 from Rs 14.48 per litre while that of high speed diesel remains unchanged at Rs Rs 29.57 per litre.
High-octane blending component’s (HOBC) sales tax stands at Rs 13.90 from previous Rs 18.57 per litre. Approximately Rs 6 cut has been given by the government on kerosene oil sales tax maintaining per litre price at Rs 4.76 from previous Rs 10.40.
Earlier, Federal Finance Minister Ishaq Dar announced Rs 1.5/litre increase in petrol and Rs 1.40/litre in diesel price.
Dar said that Oil and Gas Regulatory Authority (OGRA) wanted the government to increase petroleum products’ prices even more but the government did not approve.
He also said that OGRA had recommended increasing high octane, light diesel and kerosene oil prices but they will remain same while the government will bear heavy losses.
The minister further increased time limit of 4% withholding tax on bank term deposits and tax return file.
