Government cuts windfall tax on crude petroleum

The tax is imposed through a Special Additional Excise Duty (SAED) mechanism.

Government cuts windfall tax on crude petroleum

The government has reduced the windfall tax on domestically produced crude oil from ?9,600 per tonne to ?8,400 per tonne, effective from May 1.

Meanwhile, the SAED on diesel, petrol, and jet fuel or ATF exports will remain at a zero rate. This information was released in an official notification.

The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

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