Thursday, August 18, 2022

Approval to levy Rs. 50 per liter on petroleum products

The National Assembly approved levy of Rs 50 per liter on petroleum products.

In a meeting of the National Assembly chaired by Speaker Raja Pervez Ashraf, the Finance Bill 2022 was approved by a majority vote. The provisions of the Finance Bill were presented for phased approval.

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 give 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 introduced taxes that would be levied on the rich. 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 approved amendment regarding tax rate, no tax will be levied on those earning up to Rs 50,000 per month. Those earning between Rs 50,000 and Rs 100,000 a month will be taxed at a rate of 2.5 per cent.

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. The amount 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 per cent per month. Will be taxed at the rate of Rs.

The National Assembly also approved a provision to levy one to four per cent 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 10 per cent super tax.

A levy was also imposed on imported mobile phones. Rs 100 on a ڈالر 30 mobile phone, Rs 200 on a فون 30 to 100 100 mobile phone, Rs 600 on a 200 200 imported mobile phone, Rs 1,800 on a 350 350 mobile phone, Rs 4,000 on a فون 500 mobile phone. Mobile phones worth 7 700 will be levied Rs 8,000 and mobile phones worth 70 701 will be levied Rs 16,000.

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

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