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Home Business OMAP calls for reducing turnover tax for OMCs to 0.25%

OMAP calls for reducing turnover tax for OMCs to 0.25%

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OMAP calls for reducing turnover tax for OMCs to 0.25%
Staff Report
Islamabad

Oil Marketing Association Pakistan (OMAP) on Friday once again called on the government to remove the anomaly in the levying of turnover tax applicable to oil marketing sector by linking it to margins earned by the Oil Marketing Companies (OMCs) and reducing its rate to 0.25 percent.

Dr. Ilyas Fazil, Chief Executive Officer of OMAP, a representative body of Oil Marketing Companies (OMCs), in a letter to Finance Minister Shaukat Tarin said, “The rate of turnover tax (currently @ 0.75%) should be rationalized/aligned to remove all elements of discrimination and be reduced to 0.25% in order to provide much needed relief to cash flows and profits.”