Islamabad: The National Assembly’s Standing Committee on Finance, Revenue and Planning and Development unanimously approved Gas Infrastructure Development Cess Bill, 2011 and Petroleum Products (Petroleum Levy Amendment) Bill, 2011 today.
The Petroleum Products (Petroleum Levy Amendment) Bill, 2011 provides for imposition of levy keeping in view the requirements on the basis of international market and to add or delete certain petroleum products from the scope of fifth schedule of the petroleum products ordinance 1961.
This amendment would eliminate exploitation of the supply and demand gap through cartelization and artificial price hike. Moreover, these amendments would ensure clarity, certainty and effectiveness in the implementation of petroleum levy regime.
The Gas Infrastructure Development Cess Bill, 2011 aims at introducing a new separate levy / cess to generate revenue for important projects of Iran Pakistan Pipeline Project, Turkmenistan-Afghanistan-Pakistan-Iran (TAPI) Pipeline Project, LNG Import Projects, LPG Supply Enhancement Projects and Price Equalization of other alternate fuels. This will save direct burden of Sui companies’ consumer costs to be borne by general public.
Both the bills have been unanimously endorsed by the National Assembly’s Standing Committee. Senate has already approved the bills.
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