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Traders irked over inclusion of edible oil in Sales Tax Act
Notification resulted in a 10% increase in the cost of importing edible oil in the country
Haq also expressed concern at the immense level of double taxation in the system and called for major sales tax reforms. CREATIVE COMMONS
KARACHI:
The business community has expressed shock over inclusion of edible oil in section 8B of Sales Tax Act by the government and it has claimed that the move would result in a 10% increase in the cost of importing edible oils in the country
In a statement on Saturday, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice President Nasir Khan strongly condemned the inclusion of edible oil in section 8B of Sales Tax Act through Statutory Regulatory Order (SRO) 1190(I)/2019 issued by the FBR.
Business
April 28, 2021
KARACHI: Oil and Gas Development Company Limited (OGDCL) profit declined 20 percent to Rs24.120 billion in the quarter ended March 31, 2021, translating into earnings per share (EPS) of Rs5.61, a bourse filing said on Tuesday.
The company earned Rs30.010 billion with EPS of Rs6.98 during the same period last year. The company announced third interim cash dividend at Rs1.80/share in addition to earlier interim dividends of Rs3.60/share.
OGDCL’s nine month profit in fiscal year 2020-2021 declined 20 percent to Rs66.346 billion compared to Rs83.122 billion in the same period last fiscal. The EPS in 9MFY21 was Rs15.43 compared to Rs19.33 in the same period of FY20.
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