Petroleum levy needs approval from Pakistani Parliament

Petroleum levy, which net the Pakistani government on average nearly 8 billion rupees (US$95.41 million) in monthly revenues, and 50 billion rupees (US$596.3 million) during the first six months of the current financial year, has been rendered ”illegal” with the lapse of the petroleum products (Petroleum Development Levy) (Amendment) Ordinance, 2009 on March 8, 2010. Sources told Business Recorder that the government is now required to table the ordinance before Parliament for approval, in the form of a bill, to provide the levy with legal cover. (May 8, 2010)