{"id":68921,"date":"2020-08-05T16:17:45","date_gmt":"2020-08-05T11:17:45","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=68921"},"modified":"2020-08-05T16:17:46","modified_gmt":"2020-08-05T11:17:46","slug":"increase-in-petroleum-prices-to-result-in-added-revenue-for-fbr","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/increase-in-petroleum-prices-to-result-in-added-revenue-for-fbr.html","title":{"rendered":"Increase in petroleum prices to result in added revenue for FBR"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has estimated an addition of PKR 3-4 billion revenue in the month of August \u2013 which is to be generated because of the 11.8% increase in prices of petroleum products, reported a national publication on Wednesday.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fy2020-21-fbr-outperforms-first-months-collection-target.html\" target=\"_blank\" rel=\"noreferrer noopener\">FY2020-21: FBR outperforms on first month\u2019s collection target<\/a><\/p>\n\n\n\n<p>A senior official from the revenue board reported that the government has hiked the ex-refinery prices of petroleum products across the board to generated additional general sales tax (GST) revenue \u2013 which has been settled at the 17% standard rate for the month of August.<\/p>\n\n\n\n<p>As per details, the government has decreased the<a href=\"https:\/\/www.zameen.com\/news\/govt-create-cost-cushion-petroleum-levy-tackle-price-volatility.html\" target=\"_blank\" rel=\"noreferrer noopener\"> petroleum levy<\/a> on petrol to PKR 26.70 per litre and PKR 25.73 per litre for high-speed diesel oil. Similarly, the levy on light diesel oil (LDO) is fixed at PKR 3 per litre and PKR 6 per litre on superior kerosene oil (SKO).<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-sales-tax-portal-cover-most-documented-sectors-first-phase.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR\u2019s sales tax portal to cover most-documented sectors in first phase<\/a><\/p>\n\n\n\n<p>Furthermore, the Finance Division announced an 11.8% increase in petroleum prices by keeping GST at the fixed rate. The ex-refinery prices of petroleum products have increased, however, the petroleum levy on petrol and diesel is reduced to minimise the effect of escalating petrol prices in the global market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has estimated an addition of PKR 3-4 billion revenue in the month of August \u2013 which is to be generated because of the 11.8% increase in prices of petroleum products, reported a national publication on Wednesday. Read: FY2020-21: FBR outperforms on first month\u2019s collection target A senior official from the revenue board reported that the government has hiked the ex-refinery prices of petroleum products across the board to generated additional general sales tax (GST) revenue \u2013 which has been settled at the 17% standard rate for the month of August. As per details, the government has decreased the petroleum levy on petrol to PKR 26.70 per litre and PKR 25.73 per litre for high-speed diesel oil. Similarly, the levy on light diesel oil (LDO) is fixed at PKR 3 per litre and PKR 6 per litre on superior kerosene oil (SKO). Read: FBR\u2019s sales tax portal to cover most-documented sectors in first phase Furthermore, the Finance Division announced an 11.8% increase in petroleum prices by keeping GST at the fixed rate. The ex-refinery prices of petroleum products have increased, however, the petroleum levy on petrol and diesel is reduced to minimise the effect&hellip;<\/p>\n","protected":false},"author":75,"featured_media":36863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[19230,36385],"persona":[],"class_list":{"0":"post-68921","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-federal-board-of-revenue-fbr","9":"tag-increase-in-petroleum-prices-to-result-in-added-revenue-for-fbr","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Increased petroleum prices to result in added revenue:FBR- Zameen News<\/title>\n<meta name=\"description\" content=\"FBR has estimated an addition of PKR 3-4 billion revenue in August \u2013 which is to be generated because of the 11.8% increase in prices of petroleum products\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/increase-in-petroleum-prices-to-result-in-added-revenue-for-fbr.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increased petroleum prices to result in added revenue:FBR- Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR has estimated an addition of PKR 3-4 billion revenue in August \u2013 which is to be generated because of the 11.8% increase in prices of petroleum products\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/increase-in-petroleum-prices-to-result-in-added-revenue-for-fbr.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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