Petroleum levy enhanced to reduce revenue shortfall.

KARACHI -- Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said record hike in petroleum levy will help the government reduce revenue shortfall. The government has not reduced petroleum prices as per the expectations which will help it raise few hundred billion rupees, he said. Mian Zahid Hussain said that the petroleum levy will not be enough to cover entire shortfall therefore sales tax can be increased by one percent on various items.

Talking to the business community, the veteran business leader said that Russia, Saudi Arabia and other countries are trying to arrest the fall in oil prices, if it rebounds, the government will have to hike sales tax by two to three percent while a steep fall in oil prices will...