Govt. made Rs. 69 billion from petroleum products

ISLAMABAD Nov 30: The government has made Rs. 69 billion, in just four months, from the sales tax and customs duty of the petroleum products during the current fiscal year. During July-October, 2010 the earnings of the taxes increased by Rs. 30 billion, the Public Accounts Committee (PAC) received these details on Tuesday.

The Federal Board of Revenue (FBR) told PAC that apart from the Petroleum Development Levy (PDL), during the period of July-October Rs. 69 billion had been received, under sales tax and custom duty, from the petroleum products while Rs. 428 billion had been received under the pure taxes, in the same period.

The FBR added that the policy, regarding sale of the seized goods, has been revised. Under the new policy the confiscated weapons would be sold to the government's institutes only and other general items would be sold through the Utility and CSD stores only.

The Public Accounts Committee expressed its disappointment to FBR, for not taking a prompt action on the audit objections raised by the committee.

The PAC instructed FBR to take a quick and prompt action on the long delayed audit objections.