Pakistan’s gas reserves to decrease 75percent in the span of next years. The Ministry of Planning and Development has issued a warning that the natural gas reserves in the country would decrease by seventy-five percent.
As per the shared details, the production of natural gas will reduce from 4 billion cubic feet to 1 billion cubic feet, according to documents shared.
In its report, the ministry has suggested increasing the country’s dependency on liquefied petroleum gas. For this, it has suggested ending 5.5% withholding and 3% additional taxes and decreasing the sales tax on local production by 7%.
The LPG Distributors’ Association says the public could benefit from the elimination of taxes rather than subsidy on LPG. Irfan Khokhar, the LPG Distributors’ Association chairman, said that the government is currently subsidizing the LPG.”We do not want to subsidize [LPG],” he said. “We want the taxes eliminated and the people to get low-cost LPG.”
The report also suggested an adjustment of petroleum levy according to the global market and elimination of advance income tax on imported LPG.
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