Islamabad (Mehtab Haidar): The government has increased petroleum levy on POL products to save at least Rs 4-5 billion extra through the consumption of two main products, petrol and diesel.news world ahmed
Now the FBR has to deposit Rs. 2524 billion in the remaining four months (March to June) to achieve its revised target of Rs. 5238 billion.current world news
Now the government has adopted a strategy to increase the dependence on non-tax revenue. This strategy is under implementation. The government has prevented the IMF program from getting off track by increasing non-tax revenue.current world news
Now, after implementing additional measures, the IMF's executive board will consider approving the third installment of $ 450 million under the $ 6 billion Extended Fund Facility.
However, the government has taken this path to increase non-tax revenue as it does not form part of the Federal Distribution Pool (FDP) under the National Finance Commission (NFC) and the provinces have no share in this revenue.
In view of the increasing deficit of FBR, the government decided to increase petroleum levy under the IMF program as POL prices were reduced in the global market and due to increase in petroleum levy by the government. Had the opportunity to not provide full benefits to consumers.
When contacted, former Finance Minister Hafiz Pasha said that the increase in petroleum levy was aimed at not providing full benefits of declining prices in the global market.
