As reported by ARY NEWS, the Federal Board of Revenue (FBR) announced on Sunday that the sales tax on petroleum products will be reduced by one percent.
According to the notification published today, the sales tax on gasoline and high-speed diesel will remain the same, while the tax on kerosene oil and light diesel would be reduced by one percent.
At the moment, a 17 percent sales tax is levied on gasoline and high-speed diesel vehicles.
It was decided to decrease the tax on Kerosene oil from 9.15 percent to 6.7 percent, as well as the tax on light diesel, which was previously charged at 2.74 percent and was now levied at 0.2 percent.
It is important to note that this is the second time in less than a month that the federal government has announced a reduction in the taxes on petroleum products.
On June 9, the federal government announced that the sales tax on petroleum items will be reduced.
Following the publication of notification, the sales tax on kerosene oil has been reduced to 10.07 percent, from the previously levied rate of 15.44 percent. The sales tax on light diesel was reduced from 7.56 percent to 3.67 percent, a reduction of nearly half.
But according to the notification, gasoline and high-speed diesel will continue to be subject to a 17 percent sales tax, with no modifications to this rate..
