KARACHI: The Federal Government has revised the rate of sales tax on import and supplies of petroleum products with effect from August 01, 2015.
According to SRO 720(I)/2015, sales tax at the rate of 20 percent ad valorem will be applicable on import and supply of (petrol) i.e. motor spirit excluding HOBC under PCT 2710.1210.
Moreover, tax has also been imposed on HOBC at the rate of 17 percent ad valorem, which earlier was none.
Government has also imposed 20 percent sales tax on import and supply of Kerosene and 20 percent tax on import of light diesel oil.
Meanwhile, sales tax on import of high speed diesel oil has been increased to 36.5 percent from 34 percent earlier.
It may be recalled that earlier notification No 383(I)/2015 suggested 20 percent sales tax on motor spirit and 34 percent tax on High speed diesel oil.