Islamabad: The National Assembly Wednesday approved amendments in the budget for the fiscal year 2022-23 to impose a Rs 50 levy on petroleum products.

Under the Finance Bill, the government has changed the cap on the petroleum development levy (PDL) from Rs30 per litre to Rs50 per litre.

However, the government hinted about increasing PDL to Rs50 per litre gradually.

At present, there is zero petroleum levy on petroleum products.

On the other hand, Federal Finance and Revenue Minister, Miftah Ismail here on Wednesday clarified that the government has no intention to pass on the full amount of petroleum levy (Rs.50 per liter) as incorporated in the Finance Bill 2022-23 to the consumers. 

“The government has got the permission from you (the house) to impose up to Rs.50 per litter levy on petroleum products but there is no hope and intention to take the levy up to this figure”, he said while speaking in the National Assembly (NA). 

The Minister also informed the members of the house that at present there is zero petroleum levy on the petroleum products.

Lahore: The Punjab Revenue Authority (PRA) has surpassed the upward revised target of Rs165.5 billion for the financial year 2021-22.

According to provisional collection figures up to June 28, 2022, the PRA collection stands at Rs168 billion, which is 108 per cent of the set target of Rs155.9 billion and 101.5pc of the revised target.

According to the PRA spokesperson, the authority expects substantial revenue in the last two days of the financial year and is hoping to end the year close to Rs170 billion.

It is worth mentioning that earlier this year, PRA became the first provincial revenue collecting agency in the country to cross the psychological barrier of Rs150 billion and the collection in June has further established it as the leading Provincial revenue collecting agency in the country.

This is the third successive year in which PRA has surpassed its revenue collection target. Earlier the Authority collected more than the assigned targets of Rs.105 billion and Rs.125 billion in the financial years 2019-20 and 2020-21 respectively. 

PRA spokesperson further elaborated that this success has been achieved without resorting to any coercive actions such as sealing of premises, attachment of bank accounts or collection of advance payments.

PRA has relied completely on collaboration with all stakeholders and emphasis on taxpayer facilitation and education. More than 200 awareness workshops were held during the financial year with more than 2,000 participants. 

PRA expects the growth trend to continue in the coming years as its management and all workforce is committed to continuing its focus on compliance without resorting to any measures that adversely affect ease of doing business.

US Open champion Emma Raducanu crashed out of Wimbledon on Wednesday, losing her second-round match against Caroline Garcia 6-3, 6-3 to the disappointment of the British home crowd.

The 10th seed, who was troubled by a side strain in the run-up to the Grand Slam, was broken five times in the match on Centre Court by her French opponent, ranked 55 in the world.

Raducanu, 19, was on the back foot early in the contest after being broken in her first service game and won just 45 percent of points on her first serve.

Garcia, fresh from winning on grass at Bad Homberg, hit 25 winners in an impressive display.

"Emma is a huge player and in her home tournament and she proved she can do very well on the big stage," said Garcia.

"I really enjoyed playing on Centre Court, it was my first time and very special."

Raducanu has struggled with a string of minor injuries since her sensational win at Flushing Meadows last year.

She has also come under scrutiny over her failure to settle on a long-term coach.

SOURCE: AFP