Category: Shortcode

With the gas sector’s circular debt at Rs1.5 trillion, the Petroleum Division on Monday said the gas companies would go bankrupt without a hike in gas tariff that was now inevitable in view of the amended Oil and Gas Regulatory Act. Minister of State for Petroleum Musadik Malik and Secretary Ali Reza Bhutta while testifying before the Senate Standing Committee on Petroleum said the government did not have money for bailouts and gas tariff increase could not be avoided under the revised Ogra Act passed by the previous government under…

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The government has to pay Rs41.11 and Rs53.14 per litre subsidy on petrol and diesel respectively in the next fortnight (June 01 to 15, 2022) if prices are not raised, The News learnt on Monday. The cost of subsidy is figured to remain unsustainably huge despite a recent partial rollback as world oil markets are again picking up amid geopolitical risks. Country’s oil managers will review petroleum products prices on May 31, 2022 to determine their prices for the next fortnight. The oil sector’s calculations project the price of petrol…

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The country’s apparel textile sector on Sunday warned the federal government of ‘disastrous’ implications for the economy if it discontinued the special power tariff to the five export-oriented sectors, saying that the IMF should be told the concessional facilities are not a ‘subsidy.’ The IMF should be informed that the special tariffs and DLTL are not subsidies rather ‘crucial’ export-policy decisions to unburden the export sectors from cross-subsidy to compete with competing nations in the global market. “The IMF should be categorically communicated that special energy tariffs and other facility…

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Business community here out rightly rejected the historic increase in prices of petroleum products, asking the government to revise its decision while keeping in view the fragile condition of business and industry and ailing economy of the country. The government’s decision would prove detrimental for the already feeble national economy, warned Hasnain Khurshid Ahmad, President Sarhad Chamber of Commerce and Industry, according to a statement issued here. The SCCI chief maintained the cost of industrial production would escalate after the whopping increase in prices of petroleum commodities that would bring…

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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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