ISLAMABAD: The National Assembly has approved levy of Rs 50 per liter on petroleum products. “Big Breaking News Today | Approval to levy 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 make directly related to taxes.
Our goal is to tax the rich and provide relief to the poor.
Big Breaking News Today | Approval to levy Rs. 50 per liter on Petroleum Products
The Minister of State further said that the agreement reached with the IMF by the previous government is being implement.
We have brought such taxes which are levied on the rich people. 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 amendment regarding the tax rate, no tax will be levied on those earning up to Rs 50,000 per month.
Those earning a monthly salary of Rs 50,000 to Rs 100,000 will be tax at a rate of 2.5 per cent.
Those earning a monthly salary of more than Rs 10 lakh will be tax at Rs 29 lakh per annum while those earning more than Rs 10 lakh will be tax at 35 per cent.
The amount has been tax at the rate of 32.5%.
Those earning a monthly salary of Rs. 3 to 5 lakhs will be tax 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 tax at Rs 165,000 per annum and those
earning more than Rs 200,000 will be taxe at 20 per cent per month. Will be tax 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.
Ten percent super tax will be levied on the banking sector in the financial year 2023.
A provision regarding collection of sales tax through electricity bills from traders was also pass.