MoFR extends tax exemptions on diesel, fertilizer, LNG imports until 30 Sept

THE Ministry of Finance and Revenue has extend­ed tax exemptions on im­ports of diesel, fertilizer, and liquefied natural gas (LNG) through the end of September.

Following soaring fuel prices due to the conflict in the Middle East, the exemption on customs duties, special goods tax, commercial tax, and the two percent advance income tax on HSD (500 ppm) diesel im­ports was granted from 1 April to 31 May. It has been extended to 30 Sep­tember. The move aims to help stabilize prices for goods, including es­sential food items, that rely on diesel-powered transport.

Moreover, the two percent advance income tax exemption on import­ed fertilizer will be ex­tended through the end of September to support sustainable agricultural development and re­duce production costs for farmers.

With the rising LNG prices amidst the Middle East conflicts, customs duties, commercial tax, and advance income tax on the imported LNG will be exempted until the end of September to encourage power genera­tion and balance electric­ity prices.

The exemptions apply to imports with Import Declarations (ID) opened through the Customs Department. — ASH/KK