August 2021 - Page 44 of 44

Oil Marketing Association Wants A Reduction in Turnover Tax

August 1, 2021April 22, 2023 Admin

The Oil Marketing Association Pakistan (OMAP), which is a representative body of the Oil Marketing Companies (OMCs), called on the government again on Friday to remove the anomaly in the levying of the turnover tax applicable to the oil marketing sector by linking it to the margins earned by the OMCs and reducing its rate to 0.25 percent. The Chief Executive Officer of OMAP, Dr. Ilyas Fazil, informed the Minister for Finance, Shaukat Tarin, in a letter that the “rate of turnover tax (currently at 0.75 percent) should be rationalized/aligned to…

OMAP calls for reducing turnover tax for OMCs to 0.25%

August 1, 2021April 22, 2023 Admin

Oil Marketing Association Pakistan (OMAP) on Friday once again called on the government to remove the anomaly in the levying of turnover tax applicable to oil marketing sector by linking it to margins earned by the Oil Marketing Companies (OMCs) and reducing its rate to 0.25 percent. Dr. Ilyas Fazil, Chief Executive Officer of OMAP, a representative body of Oil Marketing Companies (OMCs), in a letter to Finance Minister Shaukat Tarin said, “The rate of turnover tax (currently @ 0.75%) should be rationalized/aligned to remove all elements of discrimination and…