ECC approves levy of 2.5% RD on diesel with effect from June 1st

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) has approved imposition of 2.5 percent regulatory duty on high speed diesel.

The ECC on a proposal from the Federal Board of Revenue (FBR) allowed levy of 2 percent regulatory duty on petroleum crude oil, motor spirit oil and furnace oil.

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Approval was also accorded for imposition of 2.5 percent regulatory duty on high speed diesel.

Both regulatory duties would be levied with effect from 1st June 2015.

The step is aimed to recoup some of the revenue losses due to persistent fall in petroleum products in the current financial year.

The ECC also accorded approval for the balance amount of US$ 35.96 million for induction of 15 aircraft on dry lease in the PIA fleet.

It may be recalled that the ECC in its meeting held on December 6, 2014 had approved in principle, an amount of US$ 52 million and provision of first tranche of US$ 16.44 million for these aircraft.