FBR withdraws regulatory duties on POL products

KARACHI: The Federal Board of Revenue (FBR) on Tuesday withdrew the regulatory duties on various petroleum products and reduced the duty on furnace oil to two percent from seven percent.
The FBR, in a notification, withdrew the regulatory duties of 2 percent on petroleum crude oil, 2 percent on motor spirit oil and 2.5 percent on high speed diesel oil, imposed on April 30.
The board, in a separate notification, brought down the regulatory duty on furnace oil to two percent.
Sources in the Federal Board of Revenue said the regulatory duties have been abolished or amended to avert an adverse impact of customs duty that was imposed in the federal budget effective from July 1.