ISLAMABAD - The government has increased the prices of petrol and high speed diesel by Rs 2 and Rs 2.70 per litre respectively, and kept prices of kerosene oil and light diesel oil unchanged for December.
The government has also extended the deadline of filing income tax returns by up to 15th December.
“We have extended the deadline of filing income tax returns till 15th December as tax bar associations and chambers have made appeals in newspapers. More than 600,000 people have filed their income tax returns by November as against 400,000 the previous year,” said Finance Minister Ishaq Dar, while addressing a press conference.
He informed that government had not increased the petrol products prices from last seven months, which reduced the tax collection of the Federal Board of Revenue.
On the direction of Prime Minister, the government has enhanced petrol price by two rupees per litre as against four rupees per litre recommended by Oil and Gas Regulatory Authority (OGRA), the finance minister said.
Price of high speed diesel has been increased by Rs2.7 per litre as compared to OGRA’s proposal of Rs5.42 per litre.
Kerosene Oil and Light Diesel Oil prices have been kept unchanged for December 2016.
“The Ministry of Finance will bear the financial impact of approximately Rs4 billion due to loss of revenue on account of non passage of the OGRA recommended increase in prices to the end consumer,” Dar said.
He further said that the government had decided to switch over from existing Petrol 87 RON to minimum 92 RON to ensure improved quality product for end users.
Petrol 92 RON is of a much higher quality and the new OGRA proposed price reflect the increase in international price as well as premium for a higher quality product.
To a question, Dar said there was no timeline for the recently approved tax amnesty scheme for the real estate sector, which could whiten the black money by paying three per cent tax.
“Change will be made in finance bill 2017-2018,” he said, and added that presidents of various chambers of commerce and industries have demanded for the aforesaid scheme.