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Presidential ordinance writes off Rs208bn pending with large industries

Presidential ordinance writes off Rs208bn pending with large industries
August 30, 2019
ISLAMABAD (92 News) – The federal government, in a surprised move, has written off an amount of Rs208 billion liable to be paid by industrialists, fertilizer units, CNG stations and power plants under gas development surcharge. A presidential ordinance has been issued at a time when the PTI government is much concerned about scarcity of capital to run the affairs of state. The amount was meant for spending on Iran Pakistan Gas Pipeline, Turkmenistan-Afghanistan–Pakistan–India pipeline (TAPI) and energy projects. The ordinance further announces that the government will reduce 50 per cent rate of gas surcharge for all companies. Gas-ordinance-1 According to new law, the Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Pipelines Limited (SSGPL), will make sure the forensic audit of all companies who receive gas infrastructure development surcharge. Fatima Fertilizers, Pak Arab Fertilizers and Engro Fertilizers and other such companies have been facilitated with Rs69 billion write offs. An amount of Rs.4.16 billion received from farmers and people under gas development surcharge in the last five years was not deposited in the national treasury. The PML-N government completed projects of LNG Pipeline and its infrastructure with bank loans and diverted financial burden to the gas consumers. Captive power plants owners were facilitated with Rs91 bn, CNG stations owners Rs80bn, fertilizers companies Rs69bn, electric and GENCOs Rs28 bn while IPPs were given Rs2.4 bn written off against their outstanding payments.