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10% regulatory duty on petrol imposed from June 30

10% regulatory duty on petrol imposed from June 30!

In the latest development, the Federal Board of Revenue (FBR) on Thursday imposed a regulatory duty of 10 percent on the motor spirit (petrol).

The regulatory duty will take effect from June 30, according to the FBR notification.

Meanwhile, the cargo for which LC has been opened will not be subject to regulatory duty.

The Finance Bill 2022 suggested levying a 10 percent regulatory duty on the import of motor spirit as against the existing rate of zero percent.

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The move comes after the government came to know that there was zero duty on the import of oil under the China-Pakistan Free Trade Agreement (FTA).

As reported, the oil companies brought petrol from China under the FTA and got the benefit of over Rs22 billion in terms of tax exemption.

The matter was raised by the petroleum secretary in a recent cabinet meeting, pointing out that the Economic Coordination Committee (ECC) had imposed a 10% regulatory duty on the import of petrol from China.

The cabinet has approved the proposal that the regulatory duty would not apply to those contracts for which LCs had already been opened and to the oil cargoes that were on high seas and were on the way to Pakistan.

NewsDesk

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