The Pakistani authorities on July 9 announced the re-introduction of a slightly modified petroleum levy, in a move which it is hoped will put an end to the to-ing and fro-ing over the taxation of fuel.
The reframing of the Petroleum Development Levy followed the introduction of a carbon tax earlier that week -- which the government had said was at the behest of the International Monetary Fund, a claim that was refuted by IMF official Paul Ross in late June -- which was, in fairly short order, ruled to be unconstitutional by the Supreme Court, forcing its withdrawal.
Prime Minister Syed Yusuf Raza Gilani told the National Assembly:
“We have withdrawn carbon tax on CNG worth Rs. 12 billion and I have directed the Ministry of Finance to review the carbon tax and come up with a transparent mechanism,” according to a report from The News.
It is hoped that the fixing of the rates of the levy will address some of the concerns raised with regard to its previous incarnation, whilst still giving the government the steady source of revenue that the short-lived Carbon tax on Compressed Natural Gas would have provided.
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