Pakistan Withdraws Advance Tax on Petrol Pumps After Nationwide Strike
The Pakistani government has withdrawn the advance tax on petrol pumps after a nationwide strike by pump dealers. The Pakistani government had levied a 0.5 percent additional withholding tax on petrol that would have made the pump dealers pay taxes both before and after sales. The government's move was aimed at increasing tax revenue, as it has set a tax revenue target for the fiscal year 2024-25 at $47 billion. The target marks a nearly 40% jump from the prior year. Pakistan is trying to secure a $6 billion bailout from the International Monetary Fund (IMF), and increased revenue is one of the requirements for securing the bailout.
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