FBR reduces GIDS to Rs50/mmbtu
KARACHI, September 13, 2012: In order to facilitate the business community the government has halved the recently imposed Gas Infrastructure Development Surcharge (GIDS), Geo News reported.
The Federal Board of Revenue (FBR) has issued a notification in this regard.
According to notification the GIDS has been reduced to Rs50 per mmbtu from an earlier Rs100 levied in the budget for the current year.
Economists said the government after this reduction would be able to collect only around Rs13 billion per annum instead of an early projection of Rs26 billion.
On the other hand industrialists, lauding the decision, said it would help the textile, cement, and fertilizer makers cut the cost of doing business, which would in turn improve the competitiveness of these sectors.
Courtesy: The NEWS