Karachi: The Prime Minister’s Office has directed the Federal Board of Revenue (FBR) to amend the Income Tax Ordinance in the upcoming budget in order to assist the supply Thar Coal to the local industry, a news source reported on April 17.
Reportedly, a meeting was held at the PM office to address the problems concerning Sindh Engro Coal Mining Company (SECMC). Special Advisor to Prime Minister (SAPM) on Effective Governance Mohammad Jehanzeb Khan chaired the meeting.
The National Transmission and Dispatch Company (NTDC) disclosed that transmission line’s construction is 77% complete and the work is being done as per the schedule. The meeting discussed the Right of Way problem in Sindh’s Tando Allahyar district. It was shared that if the issues concerning the Right of Way are not resolved, the entire project might be delayed.
The FBR informed the meeting members that the SECMC cannot supply excess coal to the industry due to a provision in the Income Tax Ordinance (Section 65) that states that the credit can only be claimed if the coal is supplied solely for power generation. The FBR opined that provisions should be changed as they are restrictive. It was concluded that the FBR will consider appropriate amendments in the next Finance Bill so local industries can benefit from Thar Coal.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
