Petroleum Budget 2012 – 13 Pakistan

In this budget special significance has been given to the petroleum section. Let’s have an over look over some of its major features in the Pakistan Federal Budget 2012 – 2013.

As we know that the plastic sector and petroleum ate closely related. As the petroleum increases the rates of plastic products also high flies.

It has been proposed to reduce duty on 55 plastic items. As in case of soap and detergents industry the custom duty on its inputs is being reduced from 25% to 20%. Again it is suggested that import of raw materials of washing machines may be allowed at rate of 5% whereas components and subcomponents may be allowed at 10%.

Similarly, import of picture tubes for TV sets imported by manufacturers may be allowed at zero rates. The exemption of customs duty on wood products from 25% to 20% and from 10% to 5% has been proposed. Additionally, in order to reduce the charges of local bicycles the duties on its parts have been reduced from 35% to 25%. At the end it is said that petroleum is the backbone of an economy.

It has also a special role to play when it comes to transport facility. Therefore, those steps and measures should be look forward which can surely enhance the country welfare and leads towards the development.