KARACHI: The Federal Board of Revenue (FBR) is considering enhancing sales tax on petroleum products in the country.
Sources told Customs Today that due to decrease in prices of petroleum products in the country, national kitty bears a loss of billions of rupees. Sources of RTO told Customs Today that during the first two month of current fiscal year, the FBR received Rs 27 billion. There is a difference of Rs 9 billion as compared to the collection of revenue in the same period during the last fiscal year. This is the main reason that the FBR is considering enhancing sales tax ratio on petroleum products.
The FBR is expecting that they will succeed in collecting Rs 6 to 8 billion after increase in the sales tax percentage. Sources said that all the homework has been completed while final notification is also being issued in this regard.
