ISLAMABAD: Petroleum Division is to move a summary to the ECC for extension upgradation deadline of refineries as the issue sales tax is still unresolved and needs a nod of International Monetary Fund.
Sources told NewzShewz the issues of refineries were discussed at a meeting of SIFC meeting on refineries request which was chaired by Dr. Jehanzeb Khan, ex- Deputy Chairman Planning Commission and now Special Assistant to PM and Chairman SIFC Apex Committee. The meeting was also attended by Chairman OGRA, Additional Secretary Petroleum Division, Chief Tax Policy, FBR. Refineries were led by Adil Khattak, Chairman OCAC and CEO Attock Refinery Ltd. All other refineries were represented by their CEOs on line.
After detailed discussion, the meeting took, the following decisions were taken on the three issues raised by refineries: (i) Petroleum Division was directed to resolve the sales tax issue positively by November 12, 2024 ;(ii) Petroleum Division, OGRA and provincial governments with support from the industry to take effective measures against smuggling of petroleum products and to ensure products’ quality ; and (iii) Chairman OGRA to ensure and certify that first priority will be given to upliftment of local refineries’ production and in case of import of deficit product priority will be given to PSO followed by other OMCs.
In view of deadline for signing of Upgradation Agreements expiring on October 22, 2024, the Chair asked Petroleum Division to move summary for extension for minimum possible time as the delay in implementation of the Brownfield Refineries Policy has already caused the exchequer billions of dollars. Ends
