ISLAMABAD: Federal Council of Income (FBR) freed everything assets of Reko Diq Mining Company (Private) Limited from payment of Capital Value Tax (CVT) payable under the Treasury Act 2022.
FBR on On Monday SRO.2200(I)/2022 was issued, in an exercise of powers conferred by subsection (12) of Title 8 of the Treasury Act of 2022 Federal government freed everyone assets of Reko Diq Mining Company (Private) Limited, formerly Tethyan Copper Company Pakistan Private Limited (TCC) from around of tax on the value of capital payable under subsection (1) of section 8 of Finance Act 2022.
It is worth noting that the EDS on Sunday instructed state-owned enterprises such as OGDCL, Government Holding Private limited (GHPL) and PPL to pay late payment interest. amount of $22.7 million in an escrow account jointly managed by Antofagasta PLC and government of Pakistan in connection with Reko Diq Project Dispute Resolution.
Currently, state-owned enterprises, including OGDCL, must pay interest of $4.7 million, PPL $4.7 million, GHPL $4.7 million, while government of Balochistan share in interest payment is $8.5 million.
