NewsDaily
Ministry asked to get IMF nod for oil tax The Special Investment Facilitation Council (SIFC) has directed the Ministry of Finance to swiftly secure consent of the International Monetary Fund (IMF) for imposing sales tax on petroleum products as the matter has stalled investments of $6 billion in refinery upgrade projects. The government had earlier agreed to remove sales tax exemption on petroleum products to support struggling oil refineries and oil marketing companies. It committed to imposing 5% sales tax on petroleum, but did not include it in the Finance Bill 2025, sparking concerns in the oil industry. The Oil Companies Advisory Council (OCAC) – an industry lobby – had also raised the issue with the federal government for failing to meet the commitment and for continuing the tax exemption. The oil industry claims it has suffered Rs34 billion in losses during the ongoing financial year, which has prompted the government to allow loss recovery through the inland freight equalisati...
Comments
Post a Comment