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Govt issues ordinance to amend GIDC Act 2015

August 29, 2019 (MLN): The government of Pakistan has issued an ordinance to further amend the GIDC Act, 2015 as per which, the CNG stations have been allowed to deposit the outstanding amount of Gas and Infrastructure Development Cess (GIDC) after entering into an agreement with Sui-Northern Gas Pipelines Limited and Sui-Southern Gas Company Limited as the case may be.

As per an official notice, the Cess must be deposited within 90 days of commencement of the latest amendments made to the GIDC Ordinance, 2019.

Moreover, the CNG sector shall pay half of the outstanding cess levied from May 22, 2015 to December 31, 2018.

In addition to this, the fertilizer sector (including feed and fuel), captive power industry, KESC, GENCO and IPPS shall also pay half of the outstanding cess levied or charged up to December 31, 2019. The payment shall be made in two tranches first within 30 days of signing and second within 3 months of signing the agreement.

The companies can also avail non-cash settlement option against the sales tax refund, DLTL and subsidy claims. Going forward, the cess shall be reduced to half for all, while reduced to zero for fertilizer feed new and zero rated industry.

Copyright Mettis Link News       

Posted on: 2019-08-29T14:29:00+05:00

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