Saturday, May 14, 2011

In upcoming budget a new tax (10% levy) on use of gas and removal of subsidy to fertilizer sector

The government has decided in principle to impose in the coming budget a new tax (10% levy) on use of natural gas by all sectors on the pattern of the levy on petroleum products to generate an additional revenue of about Rs50 billion.

It also plans to withdraw Rs35 billion subsidy on gas supplies to fertiliser sector companies starting July this year. The combined revenue impact of the gas levy, withdrawal of subsidy and some other adjustments has been estimated at about Rs100 billions.

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