GIDC Ordinance to earn Rs 210 billion in national exchequer

GIDC Ordinance to earn Rs 210 billion in national exchequer
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ISLAMABAD - Dispelling the impression that half of the outstanding liabilities of various sectors including fertilizer, textile, power and compressed natural gas (CNG) was waived off through promulgation of Gas Infrastructure Development Cess (GIDC) Ordinance, Minister for Energy Omar Ayub Khan Monday said the option had been provided to all the industrial sectors if they applied for new rate and paid 50 per cent outstanding of the GIDC .

Holding a press conference along with Special Assistant to Prime Minister on Petroleum Nadeem Babar, he said the industrial sectors would have to ink an agreement with the government besides withdrawing cases from the courts.

He said it would not only help collect Rs210 billion to the national exchequer due to settlement of long litigation issue but also create conducive environment for investments besides restoring confidence of investors.

The minister said impression was being given that the government was going to collect only Rs210 billion against Rs420 billion under GIDC head.

Economy