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coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,105
824hr
Pakistan Cases
1,374,800
7,19524hr
Sindh
526,899
Punjab
464,431
Balochistan
33,941
Islamabad
118,292
KPK
185,340

ISLAMABAD: On the recommendations of Federal Tax Ombudsman Dr Asif Mehmood Jah, Ministry of Energy (Petroleum Division) has asked the Oil and Gas Regulatory Authority (OGRA) to expedite processing of all renewal cases (permanent licences) of importers of petroleum products to avoid huge revenue loss at the import stage.

Federal Tax Ombudsman Dr Asif Mehmood Jah has been providing immediate and inexpensive justice to common people across the country regarding maladministration on the part of various sales/ income tax/customs functionaries.

Recently, Federal Tax Ombudsman, Dr Jah, took immediate notice and sought the Secretary, Petroleum Division (Ministry of Energy), to expedite the grant of permanent licence to the M/S HI-TECH which has been inordinately delayed without any reason or lawful authority by OGRA.

FTO mentioned the fact that M/s HI-Tech Lubricants Limited, a company registered with FBR under NTN 1017895-3,is an importer of petroleum products and was granted a “Provisional License to Establish New Oil Marketing Company by OGRA vide letter no OGRA-OIL -19(3) –(119)2016 dated 21.10.2016 and later for marketing of product in the Punjab province ,the company sold Rs2.9 billion worth of fuel petroleum products in Punjab till June 2021 and was expected to sell 60 million liters till June 2022.

The duty and taxes of around Rs757 million has been paid by the company which is estimated to increase upto Rs02 billion till June 2022. The licence of the company has expired and they applied for issuance of a permanent licence which has been inordinately delayed without any reason or lawful authority by OGRA.

The loss to national exchequer may be around Rs0.2 billion annually on account of duty taxes alone. Furthermore, FTO sought to expedite the grant of permanent licence to the M/S HI-Tech Lubricants Limited with a view to create ease in doing business and to catalyze the national economy so that the company may contribute its bonafide share of duty/taxes in the national exchequer.

In the pursuance of FTO’s recommendations, Ministry of Energy (Petroleum Division) has requested OGRA to expedite processing of all renewal cases including the subject case without further delay so as to protect their investments.

Copyright Business Recorder, 2021

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