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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.
11 Sep 2020

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.

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