Finance Minister forms two groups to propose solution for APTMA and FMPAC’s request of extending time limit for GIDC payment

MG News | September 11, 2020 at 03:04 PM GMT+05:00

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September 11, 2020: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired two separate meetings here at the Finance Division with the group of representatives from fertilizer industry and APTMA to discuss the issue of Gas Infrastructure Development Cess, GIDC.

SAPM on Petroleum Mr. Nadeem Baber and Minister for Industries Mr. Hammad Azhar were also present during the meetings. Officials of the Ministry of Finance, Petroleum Division and FBR also assisted during the meeting.

Lt. Gen. (Retd) Tariq Khan, Chairman, FMPAC and Chairman APTMA, Dr. Amanullah Kassim Machiyara in two separate meetings requested the Adviser Finance to extend the time limit for the payment of GIDC so that both industries have a better liquidity position.

The Adviser discussed the issue in detail with the participants of the meeting and provided due opportunity to share their views supported by the relevant facts. The Advisor on Finance however underlined that decision of the honorable Supreme Court of Pakistan has to be implemented. SAPM on Petroleum and Minister for Industries also briefed the meeting.

After detailed deliberations the Chair decided that the issue will be resolved in the light of the decision of the court, but the government will also support the industry in the post Corona environment.

The Adviser directed that two separate sub-groups will be formed to look into the issue of GIDC to propose 2-3 workable options for the amicable solution.

The first group shall have representatives from the fertilizer industry, Finance Ministry, FBR and Adviser Petroleum to be headed by the Minister for Industries.

The second group shall have representatives from APTMA, Finance Ministry, FBR, Adviser Petroleum, Adviser to PM on Commerce and Minister for Industries. The Minister for Industries shall chair both groups and shall present recommendations in the meeting to be held next week.

Press Release

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