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Tag: petroleum

  • Petroleum levy to generate Rs750 billion

    Petroleum levy to generate Rs750 billion

    ISLAMABAD: The government has estimated a collection of Rs750 billion as petroleum levy during next fiscal year 2022/2023.

    It is worth mentioning that the previous PTI government had not imposed a petroleum levy in order to provide petroleum products at cheaper rates.

    READ MORE: FBR assigned tax collection target of Rs7 trillion in 2022/2023

    However, the current coalition government led by PML-N in its budget 2022/2023 announced on June 10, 2023 estimated collection of Rs750 billion during the next fiscal year.

    The government has estimated a collection of Rs135 billion in the current fiscal year.

    READ MORE: Budget 2022/2023: Salient features of customs duty act

    The present government also estimated an amount of Rs40 billion through natural gas development surcharge during the next fiscal year as compared with existing estimates of Rs30 billion in the outgoing fiscal year.

    An amount of Rs70 billion has been estimated to be collected from royalty on natural gas during the next fiscal year as compared with existing estimates of Rs60 billion in the current fiscal year.

    READ MORE: Budget 2022/2023: Salient features of sales tax

    Under the head of gas infrastructure development cess (GIDC) the government is estimating a collection of Rs200 billion during the next fiscal year as compared with existing Rs25 billion in the current fiscal year.

    The government has also estimated a collection of Rs10 billion from windfall levy against crude oil as compared with estimated Rs12 billion in the outgoing fiscal year.

    READ MORE: Budget 2022/2023: Salient features of income tax

  • New petroleum policy to offer incentives to foreign E&P companies: Imran Khan

    New petroleum policy to offer incentives to foreign E&P companies: Imran Khan

    ISLAMABAD: Prime Minister Imran Khan has said that the government is working on a new petroleum policy, which will offer incentives to foreign exploration and production (E&P) companies.

    The prime minister said this at a meeting with Chief Executive Officer Kuwait Petroleum Shaikh Nawaf Saud Al-Sabah, along with his delegation, which called on Prime Minister Imran Khan at Prime Minister’s Office on Wednesday.

    The prime minister said that in order to capitalize the existing potential of the sector, the fovernment was working on a new petroleum policy offering incentives to foreign exploration and production (E&P) companies and removing impediments in way to undertaking smooth and profitable business ventures.

    Minister for Energy Omar Ayub Khan, Minister Energy Punjab Dr. M. Akhtar Malik, Secretary Petroleum Mian Asad Hayauddin and senior officers were also present during the meeting.

    Shaikh Nawaf Saud Al-Sabah briefed the Prime Minister about Kuwait Petroleum’s business ventures in Pakistan since 1980s in the area of exploration.

    He evinced keen interest in further expanding business activities in the country.

    The prime minister welcomed Shaikh Nawaf Saud Al-Sabah and his delegation to Pakistan and assured Government’s continued support to the company in their smooth business operations.

    The prime minister highlighted various steps that the present Government has taken for improving ease of doing business and facilitation of foreign investment.

    The prime minister observed that exploration remained a neglected area in past.

    Imran Khan appreciated company’s contribution towards imparting training to the local manpower in E&P sector.

    Minister Energy Punjab Dr. M. Akhtar Malik also briefed the meeting about various initiatives being taken by Punjab Government in Petroleum sector.

  • Income Tax Ordinance 2001: Computation of profits, gains from exploration, production of petroleum

    Income Tax Ordinance 2001: Computation of profits, gains from exploration, production of petroleum

    KARACHI: The income tax law has explained separately for computation of profits and gains from exploration and production of petroleum in Pakistan.

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