FIA ​​urged to stop harassing oil marketing companies

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Lahore: The problems faced by the oil marketing companies should be resolved immediately. The FIA ​​should stop harassing the oil marketing companies. The licenses of the oil marketing companies should be renewed immediately. There is a danger of an oil crisis in the country due to non-renewal of the licenses. The sector, which contributes 25 per cent to revenue, is in trouble. Instead of facilitating business, difficulties are being created. Turnover tax should be increased to 0.25% instead of 0.75%.
These views were expressed by Khawaja Shahzeb Akram, Senior Vice President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI). Addressing a meeting of Marketing Companies, he said that policies formulated without the consultation of stakeholders could not be successful. The government should take the oil marketing companies into confidence and resolve all issues immediately in consultation with all stakeholders.
He said that 0.75% turnover tax has been introduced which should be reduced to 0.25% according to other industries. About 25% of the total revenue of the country is deriven from petroleum sector.
In the current situation, the bank is not ready to open LCs of oil marketing companies. He added that steps are urgently needed to digitize the system and simplify the tax system. The sector is facing grave dangers. The government should immediately focus on solving the problems of oil marketing companies so that investment does not shift from one country to another.
He demanded that the FIA ​​stop harassing oil marketing companies. OGRA should immediately renew the licenses of oil marketing companies. There is a risk of an oil crisis in the country due to non-renewal of licenses.

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