Economic Coordination Committee at its meeting chaired by Finance Minister Ishaq Dar in Islamabad on Friday approved a technical supplementary grant of five billion rupees for conduct of the seventh population census in the country.
Federal Board of Revenue presented a summary on increase in rate of sales tax on HOBC. It was conveyed that the rates of Sales Tax on petroleum products were reduced to zero earlier this year that put pressure on efforts to achieve revenue targets.
Therefore, the Economic Coordination Committee allowed to increase petroleum levy from thirty rupees up to fifty rupees per liter on RON 95 and above with effect from the November 16. It was noted that this is a luxury good being consumed by wealthy consumers in expensive vehicles.
Source: Radio Pakistan