NA approves amendments in budget to impose Rs 50 levy on petroleum products

levy on petroleum products

Islamabad: The National Assembly approved amendments in the budget for the fiscal year 2022-23 to impose a Rs 50 levy on petroleum products.

The lower house of the parliament met on Wednesday for a clause-by-clause approval of the finance bill.

The session began after a two-hour delay, with Minister of State for Finance and Revenue Dr Aisha Ghous Pasha asserting that the budget for the new fiscal year was not changed at the request of the International Monetary Fund (IMF).

Speaking about the recent decisions taken by the government to impose taxes on big industries, high-earning individuals and the salaried class, she maintained that 80 per cent of the amendments were directly related to taxes.

“Our aim is to tax the rich and to give relief to the poor,” she said.

After her speech, the national assembly approved the amendment to impose an Rs50 levy on petroleum products.

Commenting on the development, Finance Minister Miftah Ismail said that currently, no levy had been imposed on petroleum products.

“The government has gotten permission from the House to impose a petroleum levy of Rs50 per litre on petroleum products. At the moment, there is no consideration and hope of going up to this figure,” he said.

The NA also adopted changes to charge a 5 per cent tax on the services of IT and software experts and to collect sales tax from retailers through power bills.

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