Pakistan Refinery_New refinery policy - much incentives on offer, (AKD Daily, Mar 22, 2021)
AKD Daily
Pakistan Refinery: New refinery policy - much incentives on offer
- As per news reports, a new refining policy is in the works as government plants to incentivize up gradation of local refineries along with establishment of new ones where the incentives take the form of favorable pricing regime and tax breaks.
- The proposed pricing regime entails import parity based pricing where 10% duty will be imposed on import of MS and HSD for five years (from Jul’20-Jun’26) and then it will be decreased by 1% every year to 5%; remaining at 5% thereafter.
- In terms of fiscal incentives for refineries, major incentives include i) twenty year income tax holiday from profits and gains, and ii) exemption from duties and taxes on import of equipment or material.
- If implemented, the said policy can transform the local refinery landscape, providing much needed stimulus for local refineries to upgrade while it also paves way for foreign investment in the sector. Though the policy is yet to be approved, we expect it keep refineries in the limelight in near term.
AKD Research
Pakisan Refinery is engaged in the refining of crude oil.
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