EDB Objects Over Planned Tax Exemptions for Refineries
Islamabad: The Engineering Development Board (EDB) of the Ministry of Industries and Production (MoI&P) has expressed opposition to a proposal by the Petroleum Division to exclude new and existing refineries from import duties on equipment and materials.
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EDB expressed disagreement with a proposal of the proposed refining policy 2021 and requested that the ministry eliminate or replace the paragraph requesting exemption from taxes on imports of any equipment or material without EDB certification for both new and existing refineries.
The EDB stated that this clause disadvantages local industry. Instead, it was advised that refineries should actively involve local producers for equipment supply.
According to EDB, the establishment or upgrade of refineries allows local equipment makers to participate in the process, so creating local employment possibilities and conserving significant foreign currency.
It is important to note that the new policy intends to offer the enabling framework that will eventually lead to the complete deregulation of the sector.
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Pakistan’s current oil refining capacity is approximately 20 million tonnes per year. About 60% of the country’s diesel and 30% of its gasoline needs are met by domestic refineries. The remainder consists of refined imports.
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