Business

Govt decides to hike petroleum levy from Nov 16

Published

1 year ago

Farwa

Govt jacks up petroleum levy from Nov 16.
Decision was made in line with IMF instructions.
ECC decides to raise levy from to Rs50/lit on RON 95 and above.

The federal government has approved an increase in the petroleum development levy, Geo News reported. Sources said the government made this decision at the behest of the International Monetary Fund (IMF).

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) at the Finance Division, on Friday.

Federal Minister of Planning, Development & Special Initiatives Ahsan Iqbal, Federal Minister for Power Khurram Dastgir Khan, MNA and former premier Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, federal secretaries, the chairman of Federal Board of Revenue and other senior officers attended the meeting.

The FBR presented a summary of the increase in the rate of sales tax on HOBC. It was conveyed that the rates of sales tax on POL products were reduced to zero from February 1, 2022, which put pressure on FBR’s efforts to achieve its revenue targets. Consequently, the ECC has decided to raise the petroleum levy from Rs30 to Rs50 per litre on RON 95 and above with effect from November 16, 2022, which is a luxury item being consumed by wealthy consumers in their expensive vehicles.

The ECC also approved Technical Supplementary Grants of Rs5 billion for the conduct of the 7th population census.

The Ministry of Energy (Petroleum Division) submitted a summary on High-Speed Diesel/ Gas oil premium and informed that due to the difference in premium on import of HSD for importing oil marketing companies (OMCs) and PSO, there is an unsustainable position for importing OMCs and smooth supply of HSD in the country.

In order to ensure sustained supply/import security, the ECC after detailed discussion allowed a premium on HSD subject to maximum capping at $15/BBL for importing OMCs other than PSO for the months of November and December 2022.

Under the agreement with the IMF, the government has to fetch a revenue of Rs850 billion during the current fiscal by jacking the Petroleum Levy up to Rs50 per litre on petrol and diesel.

Business

Pakistan’s gold prices continue to decline.

Published

1 hour ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

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1 hour ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

2 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.