This shows the impact of increase in tax rates, higher commodity prices and higher imports. The central bank had projected $61 billion in imports in the current fiscal year but the commerce ministry has lately estimated a record $72 billion imports. The crude oil imports fetched overRs22 billion in taxes at the import stage alone up by 450% or nearly Rs18 billion after the government slapped 17% GST on crude oil imports in the budget. These numbers suggest that the import taxes were one of the key reasons behind historically high petroleum products prices in Pakistan. The soya bean import oil import fetched Rs8.7 billion in taxes - up by 93%- in just two months.

Source: The Express Tribune September 19, 2021 04:07 UTC