According to a government notification, the federal government has withdrawn all windfall taxes on crude oil with immediate effect.
This comes as global crude oil prices rose after a group of oil-producing nations agreed to cut production in May this year. Oil producers in the Organization of Petroleum Exporting Countries (OPEC) Plus declared additional output cuts of around 1.16 million barrels per day. Taking into consideration, the huge margins accumulated by domestic crude producers because of rising global crude prices, the Centre imposed a crude oil cess of Rs 23,250 per tonne in July 2022. Since then, the government has periodically reduced the windfall levy on crude oil.
A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax.
The Australian Open is streaming animated versions of tennis matches, like Alexander Zverev's second-round match,…
The PCB is confident India’s captain Rohit Sharma will attend Champions Trophy 2025 events despite…
A viral video from @foodsafetywar claims unhygienic practices at Amritsar Haveli, Hyderabad, showing reused leftover…
The PCB has set Champions Trophy ticket prices starting at PKR 1000, with variations for…
Nathan Anderson shuts down Hindenburg Research, citing burnout. Analysts question the fate of ongoing cases…
ISRO successfully docked its SpaDeX satellites, making India the fourth country to achieve in-space docking.…