AVN 65.45 Increased By ▲ 0.50 (0.77%)
BAFL 30.65 Decreased By ▼ -0.86 (-2.73%)
BOP 4.83 Increased By ▲ 0.04 (0.84%)
CNERGY 3.72 Decreased By ▼ -0.12 (-3.13%)
DFML 14.26 Decreased By ▼ -0.15 (-1.04%)
DGKC 41.06 Decreased By ▼ -0.54 (-1.3%)
EPCL 46.56 Decreased By ▼ -0.14 (-0.3%)
FCCL 11.35 Increased By ▲ 0.06 (0.53%)
FFL 5.03 Decreased By ▼ -0.02 (-0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 10.28 Decreased By ▼ -0.17 (-1.63%)
HUBC 67.03 Increased By ▲ 1.39 (2.12%)
HUMNL 5.68 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.10 (0.36%)
KEL 2.19 Increased By ▲ 0.04 (1.86%)
LOTCHEM 24.83 Increased By ▲ 0.48 (1.97%)
MLCF 21.37 Decreased By ▼ -0.11 (-0.51%)
NETSOL 84.20 Decreased By ▼ -0.59 (-0.7%)
OGDC 85.94 Decreased By ▼ -1.31 (-1.5%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.17 Decreased By ▼ -0.05 (-1.18%)
PPL 74.56 Decreased By ▼ -1.14 (-1.51%)
PRL 13.40 Decreased By ▼ -0.25 (-1.83%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.44 Decreased By ▼ -0.89 (-2.15%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.42 Decreased By ▼ -0.22 (-1.41%)
TRG 111.63 Decreased By ▼ -0.07 (-0.06%)
UNITY 13.76 Decreased By ▼ -0.22 (-1.57%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Business & Finance

GIDC Issue: Hafeez Shaikh directs to form two separate sub-groups

  • The development comes during two separate meetings with representatives from the fertilizer industry and All Pakistan Textile Mills Association to discuss the GIDC issue on Friday.
Published September 11, 2020
Follow us

Advisor to Prime Minister on Finance Abdul Hafeez Shaikh Prime Minister's Adviser has directed authorities to form two separate sub-groups to look into the issue of Gas Infrastructure Development Cess (GIDC) issue to propose workable options for the amicable solution.

The development comes during two separate meetings with representatives from the fertilizer industry and All Pakistan Textile Mills Association to discuss the GIDC issue on Friday.

The Adviser discussed the issue in detail with the participants of the meetings and decided that the issue will be resolved in light of the Supreme Court's decision but the government will also support the industry in the post Corona environment.

Back in August, The Supreme Court of Pakistan on Thursday issued its much-anticipated verdict in the Gas Infrastructure Development Cess (GIDC) case and ordered the companies to pay Rs417 billion while rejecting their appeals.

GIDC was imposed by the government back in December 2011 to raise funds for the development of gas infrastructure in the country.

According to the GIDC Act, the collected amount shall be utilized by the Federal government for Iran Pakistan (IP) gas pipeline, Turkmenistan-Afghanistan-Pakistan-India (TAPI), LNG, and other ancillary projects.

As per the SC verdict, the fertilizer sector (old plants) are to pay Rs 80.426 billion, fertilizer feed ( new) Rs67 billion, fertilizer fuel, Rs16.566 billion, general industry Rs46.327 billion, IPPs, Rs 9.132 billion, KE, Rs36.509 billion, Genco/ Wapda, Rs22.563 billion, captive power, Rs101.725 billion, CNG Region-I Rs41.655 billion and CNG, Region-II Rs35 billion.

These sectors collected Rs295.4 billion during the last ten years whereas the outstanding amount against them is Rs456.946 billion. The accrued amount of GIDC is Rs752.349 billion.

Comments

Comments are closed.

GIDC Issue: Hafeez Shaikh directs to form two separate sub-groups

Imran talks of ‘jail bharo’ movement soon

Pakistan to appeal to Taliban leader over mosque bombing

Section 144 imposed in Peshawar

Marriyum steps up criticism of IK

IK says ‘some other people’ behind acts of vengeance

Foreign authorities seeking properties/bank accounts info: FBR won’t intimate concerned taxpayer about request

Dar chairs meeting on role of PDFL, SOEs

‘Kashmir Solidarity Day’ today

WB board to consider $78m ‘digital economy’ project next month

PM directs PD to recover Rs1.13bn royalty amount from 2 oil, gas cos