Petroleum products taxes decreased by 40 to 45 percent

Taxes on petroleum products have been decreased from 40 to 45 percent, according to FBR.

According to the media briefing by the Federal Board of Revenue (FBP), decreasing petroleum prices can lead to further loss of Rs 15 billion. The current rate is expected to face a loss of Rs 75 billion tax by June 2020. It was mentioned in a briefing that the decrease in petroleum prices will lead to further loss.

FBR also mentioned in the briefing that relaxation has been given on the duty of import of 61 medicines. Health ministry and NDMA has issued a list regarding the quality of hand sanitizers.

It was also said that FBR will accept the decision if the government takes a decision for relaxation. FBR is focusing on taxes but the government observes the economy of the entire country. The prices of basic commodities have decreased.

Furthermore, it was also said in FBR’s briefing that all taxes will be gathered in Ramadan. Economic activities as not started yet. Taxes will appear once economic activities are started.