Govt cuts diesel import tariff

The National Board of Revenue (NBR) today reduced import tariff on diesel by 11.25 percentage points in order to cut import cost of the key fuel.

With the cut, total tax on import of diesel the major import items among petroleum, would be 22.75 percent from 34 per cent, according to the notification by the NBR.

The NBR move comes amid demand from various quarters after the government hiked prices of petroleum by up to 52 per cent from early this month to reduce pressure of subsidy on the state coffer.

The NBR said it removed 5 per cent Advance Tax and cut customs duty to 5 per cent from previous 10 per cent, said the NBR adding the reduced import tariff would be valid until December 31, 2022.