Pakistan News

    Gidc Vapi Land Rates In Hyderabad

  • This land is your land, this land is my land

    “A building can last for decades, and the land underneath it is practically indestructible...

    With the increasing cost of living, the stock market wavering, and an unpredictable trend of violence persisting in the city, one can only wonder about the individuals who are investing heavily in land in Karachi...

  • Increase in GIDC to ‘bankrupt’ textile sector

    FAISALABAD: The government has increased 14 times the Gas Infrastructure Development Cess (GIDC) it will ‘bankrupt’ industrialists of the textile sector as they cannot pay the huge tax amid energy crisis, high cost of doing business which is leading to decline in exports and un-competitiveness in the international market...

    Mushtaq Ahmed, attached with a textile mills, said the PPP government had introduced the GIDC in 2011 through an...

  • President signs GIDC bill

    ISLAMABAD: President Mamnoon Hussain approved on Friday the Gas Infrastructure Development Cess (GIDC) Bill-2015...

    The president’s spokesperson said: “On a summary initiated by Senate secretariat, the president has approved the prime minister’s advice and signed/accorded his assent to Gas Infrastructure Development Cess (GIDC) Bill-2015)...

  • Controversial GIDC move

    THE passage of the GIDC bill by the National Assembly may have been a display of skilful politics but it was bad economics...

    When it was originally introduced back in 2011, the GIDC was supposed to yield Rs30bn in revenue...

  • Stocks fall on passage of GIDC Bill

    The market opened weak as sentiments were dented on the passing of Gas Infrastructure Development Cess (GIDC) Bill by National Assembly on Tuesday...

    Investors worried that the implementation of GIDC could impact those companies which were not accruing the levy in their books...

  • Business community to protest GIDC renewal

    KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has warned of protest in case the National Assembly passes the Gas Infrastructure Development Cess (GIDC) Bill 2015 on Monday...

    In a statement issued on Saturday, KCCI President Iftikhar Ahmed Vohra said the passing of GIDC in 2011 has been challenged in various courts and all chambers of commerce and industry across the country rejected its revision last year...

  • Senate panel clears GIDC bill to recover Rs12bn from CNG sector

    ISLAMABAD: The Senate Standing Committee on Petroleum on Thursday approved an amendment to Gas Infrastructure Development Cess (GIDC) law to enable the government recover about Rs12 billion arrears from CNG stations through an amicable resolution of a long-standing dispute...

    Under the agreement, the Compressed Natural Gas (CNG) station owners had been given a waiver of Rs7bn on the condition that they would deposit Rs12bn in two...

  • Aptma agrees to out-of-court settlement of GIDC issue

    LAHORE: Punjab’s textile millers have agreed to negotiate the Gas Infrastructure Development Cess (GIDC) issue out-of-court after the proposal was floated by government during negotiations held in 2018...

    “We have agreed to negotiate government’s proposal for an out of court settlement of GIDC pre-and-post GIDC Act, 2015 and onwards for the system gas,” said a spokesman on behalf of the All Pakistan Textile Mills Association...

  • Rs210bn GIDC write-off is ‘no free lunch’, says Omar

    ISLAMABAD: The government on Monday defended its decision to write off about Rs210 billion to big businesses out of their outstanding Rs420bn bills on account of Gas Infra­structure Development Cess (GIDC), saying it gave up ‘uncertain’ past bills to secure a lower but more certain future revenue stream...

    “It is not a free lunch to fertiliser or any other sector,” said Energy Minister Omar Ayub Khan at a hurriedly called joint news...

  • Reversal of GIDC ordinance ‘unfortunate’, bemoan businessmen

    LAHORE: The government’s sudden decision to rescind the presidential ordinance offering a deal to different industries to settle their unpaid Gas Infrastructure Development Cess (GIDC) liabilities worth Rs416 billion at 50 per cent discount in less than a week after its issuance has disappointed many...

    The withdrawal of the ordinance will mean continuation of the years-long legal wrangling between government and defaulters over the...

  • Govt moves for early SC hearing on GIDC pleas

    ISLAMABAD: In line with directives of the Prime Minister Office, the attorney general’s office is busy collecting relevant data for moving an urgent application before the Supreme Court for an early hearing of pending petitions relating to the Gas Development Infrastructure Cess (GIDC) case...

    On Wednesday, Prime Minister Imran Khan while withdrawing the GIDC (Amendment) Ordinance, 2019 directed Attorney General Anwar Mansoor to move...

  • SC moved for urgent hearing of GIDC cases

    ISLAMABAD: Two days after surrendering to public outcry by withdrawing a controversial ordinance that offered Rs210 billion amnesty to big businesses without a pre-audit, the federal government has requested the Supreme Court for out-of-turn hearing of pending cases pertaining to the Gas Infrastructure Development Cess (GIDC) levy...

    A formal application was submitted by Attorney General Anwar Mansoor Khan to the apex court on Friday...

  • SC asks govt to explain why legislature not informed about GIDC cases

    ISLAMABAD: The Supreme Court on Monday asked the federal government to apprise it whether parliament had ever been taken into confidence about monetary collection under the Gas Development Infrastructure Cess (GIDC) 2015 levy for the development of the infrastructure of the Iran-Pakistan (IP) pipeline project, and the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Pipeline Project...

    In case no such reports were ever furnished before...

  • Don’t expect uniform cut, fertiliser makers warn govt after GIDC waiver

    LAHORE: The government’s efforts for an across-the-board reduction in urea prices could face resistance from some manufacturers as the impact of cuts in Gas Infrastructure Development Cess (GIDC) on industry’s cost of production will vary from company to company...

    The Economic Coordination Committee (ECC) on Monday slashed the GIDC on fertiliser sector by almost 99 per cent ie from Rs405 a bag to Rs5 with a view of providing relief...

  • GIDC collections come under scrutiny as court questions fate of funds

    ISLAMABAD: Despite collecting the Gas Infrastructure Development Cess (GIDC) for almost 10 years now, the government on Tuesday was left floundering for a response when a three-member bench of the Supreme Court began asking questions about what the money had been used for...

    The SC bench, led by Justice Mushir Alam, had taken up a case relating to the GIDC 2015 levy...

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