ICCI for withdrawing sales tax on some POL products

ISLAMABAD, Apr 3 (APP):Business community here on Tuesday urged the government for withdrawing hike in sales tax on some petroleum products as it would put burden on consumers and enhance the cost of doing business in the country.
In a statement issued here President ICC Sheikh Amir Waheed urged the government for passing on full benefits of reduced oil prices in international market to the consumers.
Sheikh Amir Waheed said that Federal Board of Revenue has enhanced sales tax on Motor Spirit from 17 percent to 21.5 percent and on High Speed Diesel Oil from 25.5 percent to 27.5 percent which was not justified.
The government was already charging Rs 8 per liter petroleum levy on HSD, Rs.10 on petrol, Rs.6 on light diesel oil and Rs.3 on kerosene oil while further increase in sales tax on some POL products would surge transportation cost and increase inflation leading to further dent in business activities, he remarked.
He urged the the government for withdrawing hike in sales tax on POL products and pass on full benefits of reduced oil prices in the international market to the people to provide them further relief.
Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI said that Oil and Gas Regulatory Authority had recommended Rs.5.26 per liter cut in petrol price, but government has reduced petrol by only Rs2.07 per liter.
They urged that government for considering further reduction in POL prices and make significant in taxes on these products that would enhance purchasing power of consumers and facilitate the growth of business activities.