Pakistan nets Rs315 billion from oil taxes

The Pakistani government is estimated to have earned about Rs315 billion (US$3.69 billion) in taxes from the oil business during the current fiscal year, making it the single largest revenue-contributing sector. Sources in the petroleum ministry said the government earned about Rs115 billion (US$1.35 billion) as general sales tax on the domestic sale of petroleum products during 2009-10 and Rs90 billion (US$1.05 billion) was recovered from petroleum, oil, and lubricant (POL) imports. The total sales collection on petroleum products stood at Rs205 billion (US$2.4 billion). Likewise, the government netted about Rs108 billion (US$1.26 billion) during the current fiscal year from the petroleum levy on oil products. (June 26, 2010)