Ambit of Concessional Rate of Tax on Import of LNG to be extended [Part II of the First Schedule

Ambit of concessional rate of tax on import of LNG: Prior to the Finance Act, 2018 only buyers of Liquefied Natural Gas (LNG) designated on behalf of the government of Pakistan were entitled to reduced rate of collection of tax at the import stage under section 148 of the Ordinance @ 1% for filers and 1.5% for non-filers.

However, in order to provide a level playing field for all importers of LNG and to ensure non-discriminatory treatment necessary amendment has been made through the Finance Act, 2018 whereby from 1st July, 2018 onwards tax at the import stage under section 148 of the Ordinance shall be collected @ 1% from filers and @ 1.5% from non-filers from all importers of LNG whether nor not designated by the government.