ISLAMABAD: The federal government has almost made a ‘record increase’ in the ratio of taxes imposed on the petroleum products, which in result has added additional burden of approximately Rs25 billion per month on the masses who are already burdened with inflation and multiple taxes. If the taxes weren’t increased, petrol price could have witnessed a decrease of Rs 9 per litre. Furthermore, the government was likely to earn Rs60 billion per month from various sorts of taxes already imposed on petroleum products, sources added. The sources further said the government had increased taxes on petroleum products ostensibly to meet the demand of the International Monetary Funds (IMF). However, Adviser to the PM on Finance Hafeez Sheikh managed to convince the premier to increase the taxes on petroleum products and avoid ‘mini budget’, besides $450 million dollar tranche from IMF.

Source: Pakistan Today March 01, 2020 19:52 UTC