ECC likely to reinstate tax on dividend to 7.5% for IPPs’ investors

February 7, 2022 (MLN): The Economic Coordination Committee (ECC) is likely reinstating a tax on dividend to 7.5% as full and final tax liability for investors or shareholders of Independent Power Producers (IPPs).

The meeting of the ECC is scheduled to be held on Wednesday i.e., February 9, 2022, under the chair of Finance Minister Shaukat Tarin.

According to the meeting’s 10-point agenda, a copy of which is available with MG News, the meeting will discuss the settlement of payables to government-owned power plants at Par with IPPs.

The meeting is also likely to approve a technical supplementary grant against funds of Rs8.19 billion during CFY 2021-2022 under Sustainable Development Goal Achievement Program (SAP).

Moreover, funds amounting to Rs555 million might be released for the E-procurement project in favour of the Public Procurement Regulatory Authority (PPRA).

The meeting is also likely to determine the sale price of RLNG for PLL’s supply to K-electric.

Moreover, the ECC may also extend the lease contract between Saindak Metals Limited and MCC China for Saindak Copper-Gold Project.

The committee is expected to revise the gas price of the Mazarani Gas Field held by PPL and GHPL.

The ECC will also discuss the implementation report for the ECC of the cabinet regarding Textile and Apparel policy 2020-25.

It will also issue a Sovereign Guarantee or SBLC amounting to Rs6,944.09 million for the construction of the Sialkot (Sambrial)- Kharian Motorway Project.

The committee will also approve the release of additional funds amounting to Rs250 million in Employee Related Expenditure (ERE) through the Technical Supplementary Grant during FY21-22.

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