- Government introduced sales tax exemption on petroleum products
- Refineries upgrade plan at risk due to increased costs
- Operating costs of oil industry may increase by Rs25 billion
- Foreign investors may approach Prime Minister on the issue
- Up to 80-85% of input tax disallowed, impacting operating and project costs
- Sales tax exemption may discourage foreign investment in oil industry
- Refineries urge government to restore status of petroleum products as taxable supplies
Source: brecorder.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
