Home Business Economic Coordination Committee meeting, approval to increase Petroleum Development Levy ThePipaNews

Economic Coordination Committee meeting, approval to increase Petroleum Development Levy ThePipaNews

ThePipaNews

International Monetary Fund (IMF) approves hike in petroleum development levy subject to conditions: Source- Photo: File
International Monetary Fund (IMF) approves hike in petroleum development levy subject to conditions: Source- Photo: File

A meeting of the Economic Coordination Committee was held under the chairmanship of Finance Minister Ishaq Dar and sources said the meeting approved the increase in Petroleum Development Levy.

According to sources, the International Monetary Fund (IMF) has given approval to increase the rate of petroleum development levy on high premium.

Sources further informed that the meeting approved the levy of Tk 50 on high octane petrol and from November 16, Tk 50 will be levied on high octane petrol.

According to sources, the summary of imposition of sales tax on petroleum products was postponed in the meeting.

Sources in the Ministry of Finance say that a petroleum development levy of Tk 30 has been imposed on high octane and a tax of Tk 50 on high octane has been approved under IMF conditions.

According to sources, the imposition of full Petroleum Development Levy rate on high octane has been approved.

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