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Presidential Ordinance for introducing new taxation measures has proposed Federal Excise Duty (FED) on lubricating oil supplied to Pakistan Navy for its vessels. It is learnt here on Tuesday that the draft of the Presidential Ordinance has proposed withdrawal of conditional FED exemptions on certain items as available under Third Schedule (Table-I) of the Federal Excise Act 2005.

Presidential Ordinance has proposed the FED on hydraulic cement imported or purchased locally by petroleum or energy sector companies or projects subject to the same conditions and procedures as are applicable for the purposes of exemption of customs duty. The FED would be charged on lubricating oil if supplied to Pakistan Navy for consumption in its vessels, sources said. The FBR would be collected on transformer oil if used in the manufacture of transformers supplied against international tenders to a project financed out of funds provided by the international loan or aid giving agencies, sources added.

Copyright Business Recorder, 2013


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