Month: May 2021

Last week, the International Energy Agency (IEA), the world’s leading energy authority, laid bare the scale of the challenge in keeping the world on track to achieve net-zero emissions by 2050: a massive acceleration in renewable energy development and, starkly, no new oil, gas or coal development. None. For as long as coal remained cheapest, the IEA consistently predicted that it would continue to be the dominant energy source in electricity generation. Now that renewables, and solar in particular, generate electricity as cheaply – and often cheaper – than hydrocarbons,…

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After the oil scam, another scam could emerge as the Petroleum Division has amended the draft of LPG Policy 2021 that appears to favour an influential LPG importer by waiving regulatory duty and advance tax on imports via sea. According to the amended draft, a copy of which is available with The Express Tribune, the Petroleum Division has introduced measures to strengthen the monopoly of one key LPG importer at the cost of local gas and imports through land route. LPG importers are said to have made over Rs20 billion…

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The circular debt has recorded a major drop of Rs189 billion during the first 10 months of ongoing financial year 2020-21 compared to the same period of previous year. The total circular debt stood at Rs2.41 trillion till April this year. The major portion of circular debt build-up amounting to over Rs100 billion was on account of unpaid and unbudgeted subsidies. Losses and inefficiencies of power distribution companies stand at Rs21 billion. The circular debt fell by Rs189 billion in the July-April period of the ongoing year compared to the…

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Oil marketing companies (OMCs) are paying significantly higher than the 29 percent corporate tax rate in the country because of anomalies in turnover taxation, an independent think-tank said on Tuesday.https://1268e33ab907a8782476efdd4c2cb408.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html In a report, Islamabad Policy Institute (IPI) said the turnover tax is effectively negating the provisions of Section 57 of the Income Tax Ordinance, 2001 and is putting a significant additional financial burden on the long-term viability of the regulated petroleum sector. “Although the profit margin of petroleum dealers, petroleum agents and distributors is higher than that of OMCs, the…

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