Sunday, August 14, 2022

Miftah Ismail says ‘7pc tax on POL due to be imposed as per PTI’s agreement’

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ISLAMABAD: Finance Minister Miftah Ismail has said that 7 per cent of tax was due to be imposed on petroleum products as per the agreement signed by the Pakistan Tehreek-e-Insaf (PTI) with the International Monetary Fund (IMF), ARY News reported on Thursday.

Finance Minister Miftah Ismail conducted a press conference along with State Minister for Petroleum Musadik Malik today. He said that the Federal Board of Revenue (FBR) has improved its performance and paid all refund claims.

He said that they witnessed success in making progress on IMF program and the talks with the IMF officials are going on in a positive way. Ismail alleged that former prime minister Imran Khan violated the IMF agreement. He added that the prices of petroleum products were increased in the global market.

The finance minister said that the present government has revived the IMF program; imposed taxes on the rich persons.

READ: PETROL PRICE JACKED UP BY RS14.85 PER LITRE

Earlier in the day, Ismail said in a Twitter thread, “Congratulations to Chairman FBR & his team on exceeding the upwardly revised tax target of Rs 6.1tr for FY 2021-22. FBR collected Rs 763b in June 22 v/s Rs 580b in June 21, registering a 32% growth. Refunds of Rs 39b issued in June 22 v/s Rs 27b in June 21, increase of 44%.”

In another tweet, he wrote, “I appreciate the FBR workforce for its outstanding performance in this quarter. During 4th qtr, tax collection of Rs 1741b v/s Rs1351b last year, an increase of 29%. Refunds of Rs 105b issued during 4th qtr of CFY against Rs 68b in the same period last year, an increase of 55%.”

The finance minister also said, “As per PM Shehbaz Sharif’s instructions, a few days ago we paid all processed DLTL claims pending for the last three years. Today FBR paid all processed Faster, Sales Tax, Income Tax and Export Rebate claims that were due. Every single processed claim. Alhamdolillah.”

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