ISLAMABAD: Federal Board of Revenue (FBR) has slashed two percent extra amount of tax on supplies of lubricating oils made to registered oil market companies (OMCs).
In a SRO 61(I)/2018, the FBR said the extra tax at two percent under Rule 58T of Sales Tax Special Procedure Rules, 2007 shall not apply on supplies of lubricating oils made to registered oil market companies and to lubricating oil market companies registered with OGRA and those made by OMCs and by lubricating oil marketing companies registered with OGRA to registered manufacturers for in-house consumption.
Regarding levy and collection of sales tax from bore-holes and wells, the FBR also amended the rules through the SRO, and said: In case a bore-hole or well or gas field is run by a joint venture comprising separate registered person, each shall charge and pay sales tax as aforesaid to the extent of his share of supplies.
