Year: 2022

The Finance Bill 2022 is expected to introduce a new concept of tax, ie, ‘Windfall Levy’ in the Income Tax Ordinance, 2001 for special taxation of the potential sectors making extraordinary profits, but not depositing the due amount of taxes. Sources told Business Recorder here on Saturday that the concept of the “Windfall Levy” does not exist in Pakistan. This is for the first time that such kind of “Windfall Levy” would be introduced in the income tax law. In this connection, the Federal Board of Revenue (FBR) may add a new…

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Liberalisation of the power market and indigenisation of energy mix should be the way forward for Pakistan to get rid of International Monetary Fund (IMF) borrowings, and eradicate poverty from the country. Chief Executive Officer of Engro Powergen Qadirpur Limited Shahab Qader told Business Recorder that the country should explore Thar coal, low BTU gas fields, and renewable energy sources and all these are local resources. “These resources don’t have alternative uses. We can produce only power from these resources so there will be no change in the cost and…

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The ongoing loadshedding will continue to haunt the masses for the next 2-3 months till the fiscal constraints of the government are done away with, Federal Minister for Power Division Khurram Dastgir Khan says this while talking to The News. “We have made all the power plants operational, which were non-functional for lack of maintenance and fuel in the wake of no decision making and bad governance by the ex-PTI government.” However, the minister disclosed that the incumbent government is now facing fiscal constraints that have virtually forced the Power…

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In a bid to restore the $6 billion IMF programme, this time the government is left with no option but to increase the system gas tariff by around 40-50 percent as it is expecting the revenue requirement determination for financial year 2022-23 by OGRA in mid-June, a senior official at the Energy Ministry told The News. “The increase in gas tariff will be enforced from July 1, 2022. “So far both the Sui gas companies, Sui Southern and Sui Northern are faced with mammoth losses of Rs550 billion accumulated in…

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