Umar urged torevoke previous IT

returns formRECOlmERREPORT form should be kept in view. awareness campaigns by hold- trary, they are making the

KARACHI: President of "Restoration of previous ing maximum number of process more complex that isKarachi Chamber of form, which was agreed upon workshops and seminars at all going to discourage the mass-Commerce and Industry after great deliberations, will levels as the filers belong to all es," he said, expressing appre-(KCCl) Junaid Esmail Makda surely give a boost to number three segments of the society hension that FBR may not behas urged the Federal Minister of taxpayers in the Active i.e. the upper, middle and lower able to achieve the desiredfor Finance, Revenue and Taxpayers List. Otherwise, the class. results because of the cumber-Economic Affairs, Asad Umer newly introduced form is likely He said this year,'FBR has some taxation procedures.to restore the previous form for .to shrink the number of active made the businesses attributes Makda said severe anxietyfiling income tax returns. taxpayers and prove counter- section mandatory which was has emerged amongst thou-

He made this demand in a productive for all the efforts optional last year whereas it sands of taxpayers because ofletter which he wrote to the being made by the present gov- has been observed that the said the recent change by insertionFinance Minister in which he ernrnent to enhance tax base of attributes list is incomplete, of the new section 182A underappreciated the recent the country," he said in the let- leaving enough room for errors the income tax law whereby theannouncement to extend the ter. and misfiling which is likely to late filing would expose tax-last date for filing income tax Makda further said that become a major cause of creat- payer to be treated as "non-returns till November 30,2018. many KeCI's members have ing issues between FBR and filet" for next year because hisHe suggested to the finance been facing a lot of problems in filers. name and NTN would not beMinister that the government adopting the newly introduced . The KCCl president request- included in the active taxpay-should simplify filing proce- IRIS ADX software and are ed the FBR to make the attrib- ers' list till March 2020 whichdures by immediately discon- finding it difficult to submit utes section optional as per past would be a sheer injustice totinuing the current new form their income tax returns practice and it should be made loyal taxpayers who may not beand restoring the previous form through this software for mandatory only when the penalized for the whole year.for filing income tax returns as offline tax filings which is too attributes list is completely He was optimistic that keep-all taxpayers and practitioners technical, wastes a lot of time accurate and co,rnf'l41ensivc. ing in view the grievancesare well-acquainted with the and contains some IT related "The Karachi Chamber has being faced by a number of tax-previous version; therefore, glitches also, making it an been constantly requesting the payers, Finance Minister wouldthey would have no problems exercise in futility. decision makers from time to consider KCCI's request toin submitting their returns via "Prior to implementing such time to simplify the tax proce- restore the previous form forthe old form. technically difficult' and cum- dures but unfortunately no filing income tax returns as per

KCCI president said compli- bersome forms, the FBR attention has ever been paid to aspirations of the business andcations in the newly introduced should carry out massive our just demand, on the con- industrial community.

INTERNATIONAL

THENfW5, Tuesday

October 9,2018

KCCl40r simplifying filing"rocidu~e'B, ourcerro_ent

~ .,\)(h

KARACHI: Karachi Chamber of Commerce and Industryj (I

'He ""'J!~l> I'IO.UUN£, J(A'RACH1, OCT08ER!', 2018--- -~------

TAX RETURNS

Govt asked to scrap new formJ(,~CH1. Karachi Chamber of Commerce and Industry(KGCI)President Junaid !smail Makda appreciated onMonday the recent government announcement whichextended the last date for filing income tax returns tillN9vembe~30, 2018. Ina letter, Makda asked FinanceMinister Asad Umar to $implify the tax return filingprocedure by immediately discontinuing the new formand restoring the old form for filing the returns. "Alltaxpayers and practitioners are well-acquainted withthe previous version:' he said. "Therefore, they Willhaye absolutely no problem in submitting the returnsthough the old form." Inthe letter, Makda added thatthe restoration of previous form would surely give aboost to the number of taxpayers in the Active Taxpayerslist whereas the newly introduced form was likely tolead to a reduction in the number of active taxpayers. PPI

The i\"tion. I\anwhi. Tuesday, October 9,2018

- I

KCCI forwithdrawal of new

IT returns formmAPP

KARACHIrl

-i President Karachi Chamber of Commerce5 and Industry (KCCI), Junaid Esmail Mak-( da has urged the government to sirnpli-

r'. f}i the filing_e!:.ocedures by restoring the!.- prcliiOlls Ioiln for filing income tax (IT) re- .'I turns as all taxpayers and practitioners are- well-acquainted with the previous version.s The new form for submitting IT returnsd: is complicated and difficult for the tax-- payers, observed Makda in his letter ad-., dressed to Federal Minister for Finance,s Revenue and Economic Affairs Asad- Umar; said a KCCIstatement on Monday.

KCCI President, however, appreciated'- the government's decision to extend the( last date for filing IT returns till Novem-1· bel' 30, 2018.,He was of the opinion that- the restoration of previous form, which.- was agreed upon after great deliberations,c would surely give a boost to number of tax- .

payers on the active taxpayers list.

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The Financial Daily InternationalTuesday, October 9,2018~ .~~~~~====~~==~==============~~~~~~~~====~~~======================~======~

'Simplify procedures,restore previous form.for IT returns: KCCI

KARACIII: PresidentKarachi Chamber ofCommerce & Industryrxccn Junaid EsmailMakda, while appreciatingthe recent announcementto extend the last date forfiling income tax returnstill November 30, 2018,advised the FederalMinister for Finance,Revenue & EconomicAffairs Asad Umer thatkeeping ill view the com-plications in the newlyintroduced form, the gov-ernment should simplifyfiling procedures byimmediately discontinuingthe current new form audrestoring the previousform for filing income taxreturns as all taxpayersand practitioners are well-acquainted with the previ-ous version therefore theywill absolutely have no

problems in easily submit- software and are finding ittina their returns via the difficult to submit theirold~ form, says a Press • Income Tax Returnsrelease. through this software for

In his letter to Finance offline tax filings which isMinister, President KCCl tOOtechnical. wastes a lotadded that the restoration of time and contains someof previous form. which IT related glitches as well,'was agreed upon after making it an exercise ingreat deliberations, would futility. "Prior to imple-surely give a boost to menting such technicallynumber of taxpayers in the difficult and cumbersomeActive Taxpayers List oth- forms, the FBR shoulderwisc, the newly intro- carry out massive aware-duced form is likely to ness campaigns by hold-shrink the number of ing maximum number ofactive taxpayers and prove workshops and seminarscounterproductive for all at all levels as the filersthe efforts being made by belong to all three seg-the present government to ments of the society i.e.enhance tax .base of the the upper, middle andcountry. lower class.

He said that many He further informed thatKeCI's members have this year, ~R has madebeen facing a lot of prob- the businesses attributeslems in adopting the newly section mandatory whichintroduced IRIS ADX was optional last ye.ar

whereas it. has beenobserved that the saidattributes list is incom-plete, leaving enoughroom for errors and misfil-ing which is likely tobecome a major cause of'creating issues betweenFBR and fi lers. In thisregard, Junaid Makdarequested the FBR tomake the attributes section

. optional as per past prac-tice and it should be mademandatory only when theattributes list is complete-ly accurate and compre-hensive.

"The Karachi Chamberhas been constantlyrequesting the decisionmakers from time to ti11l(~to simplify the tax proce-dures but unfortunately noattention has ever beenpaid to our just demand,on the contrary, they are

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KARACHI: The PresidentKarachi Chamber of Commerce &Industry (KCCl) Junaid EsmailMakda has said that keeping inview the complications in the newlyintroduced form, the governmentshould restore the previous form forfiling income tax returns as ali tax-payers and practitioners are well-ac-

I quainted -with the previous version., ' In his'lett(ti-"to'Federal Mi:':bist~ffor Finance, Revenue and EconomicAffairs Asad Umar yesterday, Presi-dent KCCI added that the restora-tion of previous form, which wasagreed upon after great delibera

NATIONAL COURIER I TUESDAY, OCTOBER9, 2018

KCCIdemands restoration of old IT formBy Commerce Reporter tions, would surely give a boost to

number of taxpayers in the activetaxpayers list otherwise the newlyintroduced form is likely to shrinkthe nun.ber of active taxpayers andprove counterproductive for all theefforts being made by the presentgovernment to enhance tax base ofthe country.

While appreciating the extensionin the last date. for filing income taxreturn'S till" November 30, 2018,'fMakda ad\rised the Finance Minis-ter that the government should sim-plify filing procedures by immedi-ately discontinuing the current newform as businessmen will absolutelyhave no problems in easily submit-

ting their returns via the old form.He said severe anxiety has

emerged amongst thousands oftaxpayers because of the recentchange by insertion of the new sec-tion 182A under the income taxlaw whereby the late filing wouldexpose taxpayer to be treated as"non-filer" for next year becausehis name and NTN would not beincluded in the active taxpayers'list tlll March 2020. I

He was fairly optimistic that Fi-nance Minister would considerKCCT's request to restore the previ-ous form for filing Income Tax re-turns as per aspirations of the busi-ness and industrial community.

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MESSENGERTuesday, October 9, 2018

ILING OF INCOME TAX RETURNS

President KCCIforsimplifying procedures,

restoration of previous formKARACHI: President KCCl's members have been I

Karachi 'chamber of facing a lot of problems inCommerce & Industry adopting the newly intro-(KCCI) Junaid Esmail dueed IRIS ADX softwareMakda, while appreciating and are finding it difficult tothe recent announcement to submit their Income Taxextend the last date for filing Returns through this soft-income tax returns till ware for offline tax filingsNovember 30, 2018, which is too technical,advised the Federal Minister wastes a lot of time and con- .for Finance, Revenue & tains some IT related glitch- IEconomic Affairs Asad es as well, making it an excr-Umer that keeping in view cise in futility. "Prior tothe complications in the implementing such techni-newly introduced form, the cally difficult and cumber-government should simplify some forms, the FBR shouldfiling procedures by imrne- carry out massive awarenessdiatcly discontinuing the campaigns by holding maxi-current new form and restor- mum number of workshopsing the previous form for fil- and seminars at all levels asing income tax returns as all the filers belong to all threetaxpayers and practitioners segments of the society i.e.arc well-acquainted with the upper, middle and lowerthe previous version there- class.fore they will absolutely Ha fun her informed thathave no problems in easily· this year, FBR has made thesubmitting their returns via businesses attributes sectionthe old form. mandatory which was

In his letter to Finance optional last year whereas itMinister, President KCCI has been obse~d that theadded that the restoration of said attributes list is incom-previous form, which was

, agreed upon after great delib-erations, would surely give aboost to number of laxpayersin the Active Taxpayers Listotherwise, the newly intro-duced f00l1 is likely to shrinkthe number of active taxpay-ers and prove counterproduc-tive for all the efforts beingmade by the present govern-ment to enhance tax base ofthe country.

He said that many

plcte, leaving enough roomfor errors and misfilingwhich is likely to become amajor cause of creatingissues between FBR and fil-ers. In this regard, JunaidMakda requested the FBRto make the attributes sec-tion optional as per pastpractice and it should be Imade mandatory only whenthe attributes list ill com-pletely accurate and com-prehensive.

Daily City News, Karachi 09.10.2018,

President Keel forSimplifying procedures,

restoration of previous formthat the restoration of previous .cum bersome forms, the FB!'tform, which was agreed upon shouldcarryoutmassiveaware-'aftergreatdeliberations, would ness campaignsby holdingsurely give a boost to number maximum number 'of work"of. taxpayers in the Active shops and seminars 'at alllev-Taxpayers List otherwise, the els as the' filers belong to allnewlv introduced form is Iikelv three segments of tile soc ietyto sh~illk the number of active i.e; the upper, middle arid lowertaxpayers and prove counter- class, He further informed thatproductive for all the efforts this year"FBR has made thebeing made bythe present gov- businesses attributes section'ernment to enhance tax base mandatory which was option a!of the country.He said that last year whereas it has beenmany KCCI's members have observed, that the said attrib-been facing a lot of problems utes list is incomplete, leavingin adopting the newly intro- enough room for errors andduced IRISADX software and misfi ling.which is likely toare finding it difficult to sub- become a major cause of cre-mit their Income Tax Returns ating issues between FBR·andthrough this softwarefor offline: filers, In this' regard, Junaidtax filings which is too techni- Makda requested ~he FBR tocal, wastes a lot of time and make the attributes section"containssomel'Trelatedglitches opfional as, per past practice'as wei); makihg it anexercise . and it should be ~de Qlan~a:in.futility, 'tory·only'whej1 the.attributes

, "Prior to implementing list is Completely' accurate andsuch' technically difficult and comprehen~ive,.. .

KARACHI: President KarachiChamber of Commerce &Industry (KCCl) Junaid EsmailMakda, while appreciating. therecent announcement to extendthe last date for filing incometax returns till November 30,2018, advised the FederalMinister for Finance, Revenue& Economic Affairs AsadUmer that keeping in view thecomplications in the newly

"~', introduced 'form, the govern-ment should simplify filingprocedures by immediatelydiscontinuingthe current new

)1, form and restoring the prevl-ous form for filing income taxreturns as all taxpayers andpractitioners are well-

,

President Keel forsimplifying procedures,

restoration of previous formKARACHI:' President Karachi

Chamber of Commerce & In-dustry (KCCI) Junaid EsrnailMakda. while appreciating therecent announcement to extendthe last date for filing incometax returns till November 30.2018. advised the Federal Mill-ister for Finance. Revenue &Economic Affairs Asad Urnerthat keeping in view the compli-cations in the newly introducedform. the government shouldsimplify filing procedures byimmediately discontinuing thecurrent new form and restoringthe previous form for filing in-come tax returns as all taxpay-ers and practitioners arc well-acquainted with the previousversion therefore they will ab-solutely have no problems ineasily submitting their returnsvia the old form. ln his letter toFinance Minister, PresidentKCCI added that the restorationof prcvious.fonn. which wasagreed upon after great deliberations. would surely give aboost to Humber 61'taxpayers inthe Active Taxpayers List other-wise. the newly introducedform is likely io shrink the num-ber of active taxpayers andprove counterproductive for allthe efforts being made by thepresent government to enhancetax base: of the country. He saidthat many KeCI's members

have been facing a lot of prob-lems in adopting the newly in-troduced IRIS ADX softwareand arc finding it difficult tosubmit their Income Tax Re-turns through this software foroffline tax filings which is tootechnical, wastes a 101 of timeand contains some IT relatedglitches as well. making it anexercise in futility. "Prior to im-plementing such technically dif-ficult and cumbersome forms.the FBR should carry out mas-sive awareness campaigns byholding maximum number ofworkshops and seminars at alllevels as the filers belong to allthree segments of the societyi.e. the upper. middle and lowerclass.

He further informed that thisyear, FBR has made the busi-nesses attributes section manda-'tory which was optional lastyear whereas it has been ob-served tha: the said attributeslist is incomplete. leavingenough room for errors andmisfiling which is likely to be-come a major cause of creatingissues between FBR and filers.III this regard. Junaid Makda rquested the FBR to make theat-tributes section optional as perpast practice and it should hcmade mandatory only when theattributes list is completely ac-curate and comprehensive. "The

Karachi Chamber has been COli- Jstantly requesting the decisionmakers from time to time tosimplify. {he tax procedures butunfortunately no attention hasever been paid to our just de-mand. on the contrary, they aremak ing the process more com-plex that is going to discouragethe masses.

I fear that FBR may not beable to achieve the desired re-sults because of the cumber-some laxation procedures", headded. President KCCI said thatsevere anxiety" has emergedamongst thousands of taxpayersbecause of the recent change byinsertion of the new sectionf82A under {he income tax lawwhereby the late filing wouldexpose taxpayer to be treated as ."non-flier" for next year be-cause his name and NTN wouldnot be included in the activetaxpayers' list till March :!020which would be a sheer injus-tice to loyal taxpayers who maynot he penalized for the wholeyear. He was fairly optimisticthat keeping in view the griev-ances being faced by a numberof taxpayers, Finance Ministerwould consider KCCI's re-quest to restore the previousform for filing Income Tax re-turns as per aspirations of thebusiness and Indusuial COm-munity.:-RT/Agency

. .TUESD~Y09 OCTOBER,.2018.. . V~IAN GUJRATI'------------ = w_===__ ~ -

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Imran Ismail announcesformation of Governor-KeCI Liaison Committee

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KARACHI, Oct 8(PR): Governor Sindh lmranAcknowledging President Ismail further stated that theKarachi Chamber's government has completedsuggesuon, Governor Sindh planning for revival of KarachiImran . Ismail Saturday Circular Railway project andannounced formation of work in this project would startGovernor-Karachi Chamber soon. "Besides KCR project, aLiaison Committee with local train service, which wasimmediate effect which would providing travelling facility viaaddress the issues being faced train' from Cantt Station toby the business & industrial Landhi Station in the past, willcommunity of Karachi. also be im~diately restored",

Speaking at a meeting during he added. .his visit to Karachi Chamber of To deal with fire tragedies inCommerce and Industry (KeCl) Karachi, he informed that almran Ismail said, "The Terms. tender for. acquisition of fire-of Reference (TORs) for this tenders has already been floated

, Committee will be finalized in which would close in next 10consultation with Karachi days whereas the required fundsChamber in which Presidents of have been allocated as it wasall other trade bodies will also really essential for Karachi tobe given representation and it .have sufficient fire-tenders.will personally be headed by "Out of these fire tenders, a firemyself. I assure you that I will tender shall be dedicated to

. present all the messages of Keel and also to SiteKarachi's business community Association so that these couldto the President, Prime Minister promptly respond to any fireand Federal Finance Minister." breaking out in any nearby

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building near Offices of bothtrade bodies.

He stated that President ofPakistan, Governor Sindh,Minister for Ports & Shipping,Minister for Water, Minister forIT, Minister for law and evenleader of the Opposition are allfrom Karachi. "No othergovernment, has given such a'representation to Karachi asgiven by PTl government,which would definitely result inresolving numerous issues beingfaced by the city", he added.

Speaking on the occasion,Chairman Businessmen Group& Former President KCCl SirajKassam Teli, while expressingdeep concerns over the poorinfrastructure of Karachi, said"Although many people havebeen terming Karachi as the Ifinancial and industrial hub andalso call. it a mini Pakistan butwe firmly believe that 'Karachiis Pakistan' and the country'ssurvival purely depends on thiscity. Karachi has suffered a lotof pain and has received stepmotherly treatment during PPPand PML-N's regimes. Thesame must not repeat duringPTI's tenure."

Earlier, President KeelJunaid Esmail Makda, in hiswelcome address, stated.that theCitizens of Karachi have greatexpectations from the Governoras he is a Karachiite and belongsto a party which has succeededin achieving heavy mandatefrom Karachi. "We expect thatGovernor Sindh would play hisdue role of a stron brid e

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Karachi. He said there wasno policy of the incumbentgovernment to harass bene-ficiaries of amnestyscheme. Amnesty schemehad a legal cover" , ...

Sindh Governor saidtender, -notice has beenissued for the procurementof fire brigade vehicles.Measures were underway toprevent fire related inci-dents in commercial centersof the city.

He announced forma-tion of Governor business-men liaison committee.

He informed the KCClmembers that a waterdesalination plant would be

Stat~fuanMonday, October 8, 2018

Published daily from Peshawar

set up at the Karachi Port.He asked the members ofKCCI to contact him incase of any issues.

Imran Ismail said KMCvehicles along with .theSolid Waste Managementwere' working. He saidNorthern Bypass wouldmade six-lane road.

Meanwhile, lmranIsmail has assured that allgenuine issues of Hyder-abad SITE would. beaddressed in priority so thatthe industrialists could playtheir due role vibrantly instrengthening the nationaleconomy.

According

Circular railway to run incity soon: Imran Ismail

KARACHI: SindhGovemor Imran Ismail saidthe government has plannedto run circular railway inthe metropolis.

Addressing. the mem-bers of Karachi Chamber of

.;tG'Omme~e "and Industry(KCCI), he said Ministerfor Railway would visit thecity in this connection ofOctober 16. The local railservice on main line fromLandhi to Cantt Stationwould also be made func-tional.

Imran Ismail said thePresident, Sindh Governorand various Ministers infederal cabinet belong to to

announcement. the Gover-nor Sindh held out suchassurance to a delegation ofHyderabad SITE Associa-tion of Trade and Industryled by the ChairmanMuhammad ShahidKairnkhani which €ailed onhim at Karachi the other day.

The Govemor heard thegrievances being faced bythe industrialis.tUlf...liabad and assured that allout efforts would be madeto resolve these issues at theearliest. The Governor alsoaccepted the invitation ofthe delegation and assuredthat he would soon visit

an Hyderabad SITE. - APP

;

, • IMBALANCES

Pakistan seesregion's sharpestrise in C/A deficit

By our correspondent

KARAClll: Pakistan has experienced the region's sharpest deteri-oration in current account deficit as imports fuelled by China-

jpledged projects and economic imbalances affected the country'sextemaJ account, the World Bank said. .

The bank said current account deficits have been growingacross most of South Asia and buffers are being eroded in somecases. .

"The sharpest deterioration was in Pakistan, with the current

Iaccount deficit worsening from $220 million in the first quarter of2016 to $5.80 billion in the second quarter of 2018," it said in thei 'South Asia Economic Focus Fall 2018: Budget Crunch' report oni Sunday.

"The growth of imports is partly the result of capital goods im-

I. ports for the China Pakistan Economic Corridor (CPEC), but it isalso the consequence of growing macroeconomic imbalances."The World Bank expected exteinaJ financing needs to furtherincrease over the next few years due to loan repayments and profitrepatriation related to projects in the ePEC. External financing

"

needs reached $21.5 billion in FY 2016117, or 7.1 percent of GDP.The bank said a weaker macroeconomic situation and a de-

layed adjustment of the exchange rate led to considerable loss ofreserves, bringing coverage down to 1.5 months of imports by end-September.

The monetary tightening is also to take toll on growth, which; accelerated to 5.8 percent during the last fiscal year of 2017/18.

I,Growth is projected to slip at 4.8 percent in FY2019.The World Bank asked over 350 regional economists fromseven countries about their views on growth prospects in theircountries.

I,' "Based on the responses, network members do not anticipatemuch change in economic growth in their countries,' it said. "Theexception is Pakistan, where there is a strong consensus that thegrowth rate will decline." ,

The bank said views on Pakistan's economic prospects havechanged substantially.

"While in the Iastsurvey respondents still anticipated faster eco-nomic growth and larger fiscal deficits, there now is a strong ma-jority expecting fiscal consolidation, lower current accountdeficitS, and slower economic growth. •

'Ihe WorldBank said the amplification of boom-and -bust cyclesmay be severe in Pakistan., "

y. The country's recent economic history is one of slow growth". punctuated by recurrent macroeconomic adnistments, often sup-

ported by International Monetary Fund programs.I "Acljustment programs brought inmacroeconomic stability, butoften at the cost of a temporary (and often substantial) decelera-tion in eqonomic activity," it added.

"And once the economy was back on track, fiscal pressuresmounted again, triggering the next boom-and-bust cycle. Fiscal pol-icy has thus amplified macroeconomic fluctuations."

Pakistan has allowed itcurrency to d~ciate substantiliIly, b~"despite cutrency depreciatiorl' export performance rexnants'

INTERNATIONAL

THENFWSTuesdayOctober 9,2018

." World Bank clipsgrowth forecast to4.8pc for FY2019

• LOSING MOMENTUM

By Tariq Ahmed Saeedl national oilpnces and a strong "Increased' exchange-raterecovery in exports," the bank flexibility should support an in-

KARACID: The World Bank said in the report titled 'Pakistan crease inexports and a decelera-Group has revised.down growth Development Update: At a lion in imports in FYZO," it added.forecast for Pakistan to 4.8 per- crossroad', "Remittances will continuecent for the current fiscal year of The World Bank said the to partly finance the CAD.2018/19 as it said macroeco- contraction in domestic demand Nonetheless, slower growth innomic stabilisation is to take toll due to the tighter fiscal policy is GCC (Gulf Cooperation Coun-on the economy. expected to decelerate growth cil) countries will affect mi-

"Rising macroeconomic im- inthe services sector, which was grants' employment opportuni-balances have dampened the the key growth driver in FYZ018. ties and growth in remittances."growth outlook, ~ the World "As a result, the services sec- The World Bank said the gov- rBank said in its biannual report tor is projected to expand by 5.1 ernment will need to continueon Sooday. percent in FY19 compared with accessing international capital

BUSINESS RECORDER KARACm TUESDAY 9 OCTOBER 2018 9~ .... ~ '" -""",,~,.r-y@4 .~._ ..~~~~ TZHff'

Govt to finalise'brunt' of powertariff hike today

MUSHTAQ caUMMAN . viding power at comparable ization) of the summary beISLAMABAD: The federal prices, to all industrial users. approved for subm itting to

government will finalise the Similarly, in pursuance of the Nepra for consideration in termsbrunt of'power tariffincrease on Power Policy, the National of section 31(4) of the ActTuesday (today) at an inter-min- Power Tariff and Subsidy The uniform tariff so deter-isterial meeting to be held in the Policy Guidelines, 2014, the mined by Nepra and recom-Finance Ministry, weJ 1- Tariff and Subsidy Policies aim mended by it as "final tariff' torinformed sources told Business to strike a balance between the notification in the officialRecorder. interest of consumers and the gazette be notified to the extent

Secretary Finance, ArifKhan, interest of providers of capital. of modification and super-ces-sources said, govt had blocked Nepra has determined revenue sion of existing notified rateapproval of increase in tariff on requirements of each Disco, (inclusive of subsidy/tariff ratio-October 2, 2018 at a meeting of based on individual accounts of nalization surcharge) in SRO ofthe Economic Coordination each company, which led to the March 22,2018.Committee (BCe) of the recommendations for differen- The sources further stated thatCabinet on the plea that this tial schedule of tariff. no change of tariff has beenissue needs further consultation. Keeping the economic and proposed for the life line con-

The new increase will also hit social policy objectives as well sumers and the agriculture con-the poor and the middle Glasses as the proposed methodology sumers. Minimum changes ift

i and to some extent commercial. tor uniform tariff being within tariff have been made for low1 consumers. However, agricul- the consolidated revenue and middle income consumersI ture and industry will not face .r~uiremel'fts in view, uniform in domestic, commercial andf the brunt ofzhe new increase. tariff-based on the consolidated mixed feeder industrial con-

"We hope we will be able to revenue requirement was sumers (.81Categories), Further,finalrse the volume of subsidy approved and determined by Rs.3/unit Industrial Support

~ tor domestic consumers using Nepra for Discos while taking Package (lSP) will continue for, up to 300 units monthly in the into account targeted Tariff all industrial consumers with{ light of available fiscal space," Differential Subsidy (TDS) of additional subsidy, depending~ the sources said, adding that Rs.166.7 billion for the FY upon exchange rate,, recommendations of inter- 2018-19 as proposed in addi-. (Rs.2.S/Unit approx) to five

ministerial meeting compris- tion to other subsidies like for export-oriented zero rateding officials of Power AJ&K, Balochistan tube-wells; industries to keep their tariffDivision, Finance Division Industrial Support Package r~onalJy competitive at 7 e,5and Nepra would be submitted (ISP), Fata, etc. cents/unit.to the ECC. The Power Division submit- According to the Power

Insiders claim that the ECC ted following proposals based Division, increase in tariff waswas ready to approve increase on tariff determination of necessary because fresh tariff

\ in tariff on October 2, 2018 but Discos by Nepra for the purpos- determined by Nepra is show-t it was deferred for a few days es of"fmaJ tariff' to be recorn- ing an increase of Rs.3.821unit.

due to by elections on more mended by Nepra to the Federal Increase in tariff is also due to, than two dozen National and Government for notification it) increase in cost of electricity

.Provincial sears to. be held on the official gazette within fifteen generation on addition of newOctober14:2018... . days of intimation in terms of capacity and ·Net Hydel Profit

According' to sources, section 3l(7) of the Act: (NHP).National Power Policy, 2013 The targeted tariff differential The Power Division furtherapproved by the Council of subsidy to be incorporated in argued that despite the inherit-Common Interests (CCI) stipu- the tariff is Rs.166.7. ed tough financial scenario,lates that: (a) low end con- The uniform tariff being with a circular debt of moresumers will be protected from reflective of economic and than Rs.600 billion and avail-any price escalarion; (b) to the social policy of tile federalgov- ability of minimal fiscal space,extent possible, tariff rational- ernment based on the consoli- emphasis has been placed onization will be done in order to dated revenue requirement protecting interests oflow andeliminate subsidy within the approved and determined by middle income groups, agri-industrial, commercial and bulk Nepra for Discos (inclusive of cultural and industrial sectorsconsumers; and (c) a level play- targeted subsidy and inter-distri- with a special focus on exporting field will be created by pro- bution companies tariff rational- oriented industry.

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