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HomeBusinessApproval To Levy Rs. 50 Per Liter on Petroleum Products

Approval To Levy Rs. 50 Per Liter on Petroleum Products

ISLAMABAD: The National Assembly has approved a levy of Rs 50 per liter on petroleum products. In the National Assembly sitting chaired by Speaker Raja Pervez Ashraf, the process of phased approval of the provisions of Finance Bill 2022 began.

Minister of State for Finance Ayesha Ghous moved an amendment to levy Rs 50 per liter on petroleum products. The House passed an amendment to impose a petroleum levy of Rs. 50 per liter on petroleum products during the next financial year.
Ayesha Ghous said that the finance bill was not changed at the request of the IMF. Eighty percent of the amendments have been made directly related to taxes. Our goal is to tax the rich and provide relief to the poor.

The Minister of State further said that the agreement reached with the IMF by the previous government is being implemented. We have brought such taxes which are levied on the rich people. We are only honoring our commitments. Finance Minister Muftah Ismail said the levy was zero at the moment. There is no intention to levy Rs 50 now.

According to the amendment approved regarding the tax rate, those earning a monthly salary of more than Rs 10 lakh will be taxed at Rs 29 lakh per annum while those earning more than Rs 10 lakh will be taxed at 35 per cent. An additional amount of Rs. 10 lakh per annum and Rs. 500,000 has been taxed at the rate of 32.5%.

Those earning a monthly salary of Rs. 3 to 5 lakhs will be taxed at Rs. 450,000 per annum while those earning more than Rs. Those with a monthly salary of Rs 200,000 to Rs 300,000 will be taxed at Rs 165,000 per annum and those earning more than Rs 200,000 will be taxed at 20 percent per month. Will be taxed at the rate of Rs.

The National Assembly also approved a provision to levy one to four percent super tax on annual income of Rs. 150 million to 300 million. Airlines, automobiles, beverages, cement, chemicals, cigarettes, fertilizers, steel, LNG terminals, oil marketing, oil refining, pharmaceuticals, sugar, and textiles will be subject to a 10 percent super tax.

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Ten percent super tax will be levied on the banking sector in the financial year 2023. A provision regarding the collection of sales tax through electricity bills from traders was also passed.

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