ISLAMABAD: The Federal Board of Revenue (FBR) is facing a shortfall of revenue collections during the current month.
As per details, viewing shortfall in revenue collections, the FBR has decided to increase sales tax on petroleum products. According to the data, FBR is charging 50 percent sales tax on petroleum products which is already highest sales tax on petroleum products.
According to the sources, FBR may increase five percent sales tax on petroleum products. While on the other hand, it is also expected that last date for submission of tax returns will be extended which may have an impact on low recovery of taxes during the current month.
FBR authorities said any increase of sales tax on petroleum products will be purely a decision of the government and FBR follows govt policies regarding collection of taxes.
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