LAHORE: As the petroleum sector circular debt stands at a whopping Rs1.6 trillion or 3.35 percent of GDP, the government has another plan to create fiscal breathing space for the entities gasping.
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Daily Times
August 4, 2021
State-run Pakistan State Oil (PSO) seems to have got itself a new feather for its cap by purchasing a cargo of liquefied natural gas (LNG) at $20.055 per unit, which comes down to almost 30 percent of Brent crude, amounting to the highest-ever price paid by the country for the commodity and quite possibly the ‘second highest summer purchase in the world’, according to the local press. This comes when the government was trying to justify purchases by Pakistan Petroleum Limited (PLL) at a rate of $15.5 per mmbtu as more desirable than other alternate fuels and puts it squarely in the dock as well.
ISLAMABAD: Senate Standing Committee on Petroleum and Natural Resources chairman Muhammad Abdul Qadir is presiding over a meeting at Parliament House on Monday. APP
ISLAMABAD: Briefing the Senate Standing Committee on Petroleum on Monday, the Petroleum Division said that out of a total Rs790 billion on account of the Gas Infrastructure Development Cess (GIDC), various consumers owed approximately Rs473bn in arrears.
The Senate body meeting, presided over by committee chairman Senator Abdul Qadir, discussed overall foreign investment in the country’s oil and gas sector.
The committee was informed that out of a total of about Rs790bn worth of GIDC, an amount of Rs321bn had been deposited in the federal treasury as of April 2021 while Rs473bn was still recoverable from various parties. There were also stay orders from the high courts over the recovery of Rs356bn while a waiver of Rs50bn had been given to the CNG sector. The committee chairman directed relevant authorities to seek s
Daily Times Expert says higher dividends from SOEs to multiply govt s revenue
July 25, 2021
The tax collection from dividend income has registered a sharp growth of 33 percent during the fiscal year 2020-21 due to better earnings of the corporate sector.
The collection of income tax grew to Rs18.46 billion during the fiscal year 2020-21, compared with Rs13.83 billion in the preceding fiscal year. The tax collection from the dividend income is based on the earnings of the companies registered with the Large Taxpayers Office (LTO) Karachi.
The LTO Karachi is the major revenue arm of the Federal Board of Revenue (FBR) and contributes around 40 percent of the land taxes in the total collection at the national level.