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Tag: LNG Terminal

  • Tax exemption to LNG Terminals costs Rs732 million

    Tax exemption to LNG Terminals costs Rs732 million

    ISLAMABAD: Federal Board of Revenue (FBR) has granted exemption of Rs732 million to LNG Terminal Operators and Terminal Owners during tax year 2020.

    According to official documents made available to PkRevenue.com, the FBR allowed the exemption to two taxpayers engaged in LNG Terminal Operators and Terminal Owners.

    The exemption is available from total income under Clause 141 of Part 1 of Second Schedule, Income Tax Ordinance, 2001.

    The FBR said that profit and gains derived by LNG Terminal Operators and Terminal Owners are exempt under the income tax laws.

  • New LNG terminal: Instructions issued for completing formalities

    New LNG terminal: Instructions issued for completing formalities

    ISLAMABAD: Finance Minister Asad Umar on Tuesday issued instructions for expeditiously completing formalities for setting up new LNG terminal at Port Qasim.

    The finance minister issued the directive while chairing the meeting of Economic Coordination Committee of the Cabinet (ECC) on Tuesday. The committee considered proposals from different ministries/ Divisions.

    Ministry of Maritime Affairs briefed the ECC on matters relating to establishment of new LNG terminals at Port Qasim.

    The committee was informed that the Port Qasim Authority was looking at various choices with a view to find the most viable option.

    The committee gave instructions to expedite the matter and directed for completion of all formalities for setting up the new terminal expeditiously keeping in view the growing energy needs of the country.

    ECC approved proposal of Ministry of Energy based on request by Pakistan Petroleum Ltd for allocation of up to 9 mmcfd gas from Fazl X-1 field in distt Matiari to M/S SSGCL.

    The Committee also considered and approved various proposals relating to Supplementary grants. It may be recalled that such grants were previously approved by the Ministry of Finance, however in order to make the process more transparent, these are now considered and approved at the ECC/ Cabinet level.