A Rs25,000 penalty has been proposed for traders who file their income tax returns after September 30 under the proposed easy tax scheme for traders.

According to sources, Prime Minister Shehbaz Sharif will introduce the easy tax scheme for traders and a new income tax return form for the current fiscal year on August 14.

Sources said a special facility has been proposed for traders who submit their income tax returns on time by September 30. Traders who file their returns within the deadline would be exempted from the registration fee for the easy tax scheme.

According to sources, a Rs25,000 registration fee and a Rs25,000 penalty have been proposed for traders who file their returns after September 30. Traders who submit their returns on time would also be provided with a registration plate worth Rs25,000.

Under the proposed scheme, separate income tax return forms are also proposed for business individuals and individual taxpayers.

Sources said the new form for income tax returns for the current fiscal year will be launched on August 14, with the aim of making the process of filing tax returns easier for traders.

It is pertinent to note that the details regarding the proposed penalties and incentives have been described as proposals from sources, while the final rules will take effect after the relevant government notification is issued.

Pakistan has announced new gasoline rates, in which petrol price has decreased by Rs 1.70 per litre while high speed diesel (HSD) price has increased by Rs 1.39 per litre.

The Petroleum Division said in a news release Tuesday that the new revised rates will come into effect from August 12, 2026. The amendments were introduced by the Oil and Gas Regulatory Authority (OGRA) under the revamped petroleum price structure of the federal government.

The price of motor spirit, widely known as petrol, has been decreased from Rs327.62 to Rs325.92 a litre, a reduction of Rs1.70.

In contrast, the high-speed diesel price has been hiked by Rs1.39 to Rs382.25 a litre from Rs380.86.

OGRA has amended the ex-depot prices of petroleum products in line with the revised pricing structure given by the federal government, the Petroleum Division said.

 Oil prices steadied on Tuesday at more than ‌one-week highs amid fading hopes of a deal between the U.S. and Iran to end their war and reopen the Strait of Hormuz, after President Donald Trump demanded compensation for damage the U.S. has ​incurred.

Brent crude futures were flat at $87.81 a barrel by 0013 GMT, while U.S. West ​Texas Intermediate crude futures held at $82.20 a barrel.

Both benchmarks rose more than ⁠5% on Monday to their highest since July 31, after Trump responded to Iran’s conditions ​for a peace deal with his own demands that Iran pay compensation for people killed ​in wars, attacks and protests, which is likely to complicate efforts to reopen the Strait of Hormuz.

Later in the day he added that the U.S. had control of the strait and had swept the strategic ​oil waterway for Iranian mines.

“There appears to be a gulf, no pun intended, between ​the U.S. and Iran over what any agreement would actually look like,” said Tim Waterer, chief market ‌analyst at ⁠KCM Trade.
“As a result, some of the optimism that built up last week is being unwound, giving oil prices a decidedly bid tone.”

Meanwhile, Saudi Aramco (2222.SE), opens new tab has postponed the restart of its 400,000-barrel-per-day Jazan refinery to August 30 after the Houthis claimed two attacks on the plant on ​Sunday.

“The chokehold risk around ​both the Strait ⁠of Hormuz and the Bab el-Mandeb remains highly significant. Even intermittent restrictions or the threat of further incidents keep insurance costs elevated and ​force longer shipping routes … hence energy flows look likely to stay ​constrained near ⁠term,” Waterer said.

In a note on Monday, analysts at Barclays said that in the week ending August 7, crude oil and refined product net exports through the Strait of Hormuz averaged ⁠3 million ​barrels per day, down from 4.4 million bpd the ​previous week.

Elsewhere, Iraq raised the September official selling price (OSP) for Basra Medium crude to Asia by $2.50 to minus $4 a barrel ​against the average of Oman/Dubai quotes.