All LNG importers allowed concessionary tax rate

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ISLAMABAD: The government has allowed all importers of Liquefied Nature Gas (LNG) to avail concessionary rates.

Federal Board of Revenue (FBR) has issued explanation to recently amended Income Tax Ordinance, 2001 through Finance Act, 2018.
Prior to the Finance Act, 2018 only buyers of LNG designated on behalf of the government of Pakistan were entitled to reduced rate of collection of tax at the import stage under section 148 of the Ordinance at 1 percent for filers and 1.5 percent for non-filers.
However, in order to provide a level playing field for all importers of LNG and to ensure non-discriminatory treatment necessary amendment has been made through the Finance Act, 2018 whereby from 1st July, 2018 on wards tax at the import stage under section 148 of the Ordinance shall be collected at 1 percent from filers and at 1.5 percent from non-filers from all importers of LNG whether nor not designated by the government.

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