LAHORE: Federal Board of Revenue (FBR) has granted zero-rated supply of 3,400 metric tons furnace oil and 5,000 litres diesel on monthly basis to a textile unit.
In a notification issued on Wednesday, the FBR allowed M/s Ibrahim Fibers Limited to purchase furnace oil and diesel oil under SRO 1125(I)/2011 for a period of 12 months from the date of issuance of the notification.
The FBR said that monthly zero-rated supply of furnace oil and diesel oil shall not exceed the mentioned quantity. Further the furnace oil and diesel oil shall only be consumed in the manufacture of goods in SRO 1125(I)/2011. The boilers and generators for which furnace oil and diesel oil have been purchased shall be installed at the declared manufacturing premises of registered person.
The textile unit has been allowed to purchase furnace oil from Attock Petroleum and Hascol Petroleum and diesel oil from Attock Petroleum and Pakistan State Oil.
The FBR directed chief commissioner, Large Taxpayers Unit (LTU) Lahore to monitor purchase and consumption of furnace oil and diesel oil requiring the registered person to furnish monthly statement of zero-rated purchases and consumption in order to verify/prevent misuse of zero-rated facility.
