Pakistan makes GIDC workable for industries

Pakistan makes GIDC workable for industries
02 September 2019

The President of Pakistan, Arif Alvi, promulgated the Gas Infrastructure Development Cess - GIDC (Amendment) Ordinance 2019 to waive half of the outstanding liabilities of the fertiliser, textile, power generation, compressed natural gas (CNG) and cement sectors, last week.

According to a local research house, the government has reportedly made amendments to the GIDC Act to recover the long standing overdue of the cess from various industries. Key highlights of the Act include 50 per cent prospective reduction in GIDC rates for those consumers that pay 50 per cent of outstanding dues.

Reporting the impact of GIDC on cement, an analyst pointed out that Lucky Cement is majorly reliant on gas-based captive power. However, Lucky Cement has made provisions for most of the GIDC accrued. Prospective adjustment would lead to positive recurring impact on company portability.

Published under Cement News

Tagged Under: Lucky Cement Pakistan