The Federal Board of Revenue (FBR) has reduced sales tax on petroleum products from November 1, 2016 including motor spirit on which sales tax has been reduced from 20 to 16.5 percent, reflecting a decrease of 3.5 percent. According to an SRO 1011(1)/2016 issued by the FBR here on Monday, sales tax on HOBC has been reduced from 20 to 17 percent.
Sales tax rate on kerosene has been reduced from five to two percent from November 1.
Sales tax on high speed diesel oil has been decreased from 36.5 to 33 percent and sales tax on light diesel oil has been reduced from 12 to two percent.
Following is the text of the SRO issued here on Monday: In exercise of powers conferred by clause (b) of sub-section (2) and sub-section (6) of section 3 of the Sales Tax Act, 1990, the Federal Government is pleased to direct that the following further amendment shall be made from the 1st November, 2016, in its notification SRO 57(1)/2016 dated the 29th January, 2015, namely:-
In the aforesaid notification, for the existing table, the following shall be substituted, namely:
==========================================================================
Table
==========================================================================
S. NO. Description PCT heading Rate
(1) (2) (3) (4)
==========================================================================
1. Motor spirit excluding HOBC 2710.1210 16.5% ad valorem
2. HOBC 2710.1210 17% ad valorem
3. Kerosene 2710.1911 2% ad valorem
4. High speed diesel oil 2710.1931 33% ad valorem
5. Light diesel oil 2710.1921 2% ad valorem
==========================================================================
Comments
Comments are closed.