10-year tax holiday for oil refineries abolished

ISLAMABAD: Following negotiations with the refining industry, the petroleum division has wiped out 10-year tax exemption protection, reduced government’s contribution to finance upgrades of existing oil refineries and enhanced compliance requirements. The Cabinet Committee on Energy (CCoE) led by Planning Minister Asad Umar had earlier approved an incentives package for modern refineries that also included 20-year tax holiday but had refused to allow such protections … Continue reading 10-year tax holiday for oil refineries abolished