{"id":86492,"date":"2022-06-08T13:01:22","date_gmt":"2022-06-08T08:01:22","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=86492"},"modified":"2022-06-08T14:22:46","modified_gmt":"2022-06-08T09:22:46","slug":"fed-seven-cpec-powerplants-tax-exemption","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fed-seven-cpec-powerplants-tax-exemption.html","title":{"rendered":"Federal govt restores seven CPEC powerplants&#8217; tax exemption"},"content":{"rendered":"\n<p>Gwadar: The federal government has restored the tax exemption for the seven power plants currently being developed under the China-Pakistan-Economic-Corridor (CPEC) project, news sources reported on June 7. The formal announcement of the tax exemption will be made in the budget announcement scheduled for June 10.\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> \u00a0\u00a0<a href=\"https:\/\/www.zameen.com\/news\/construction-resumes-naulong-dam.html\" data-type=\"post\" data-id=\"86341\" target=\"_blank\" rel=\"noreferrer noopener\">Govt resumes construction on Balochistan\u2019s Naulong Dam<\/a><\/p>\n\n\n\n<p>Reportedly, the following powerplants have been exempted from tax duties on the import of heavy machinery:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Kohala Hydro Company (Private) Limited &#8211; with a generation capacity of 1,124 MW (date of IA execution: May 25, 2020)\u00a0\u00a0<\/li><li>Azad Pattan (Private) Limited &#8211; with a generation capacity of 700.7 MW (date of IA execution July 6, 2020\u00a0<\/li><li>SK Hydro (Private) Limited &#8211; with a generation capacity of 870.25 MW (date of IA execution: April 11, 2014).\u00a0<\/li><li>CHIC Pak Power Company (Pvt) Limited &#8211; with a generation capacity of 300 MW (date of execution: April 8, 2021).\u00a0<\/li><li>Thal Nova Power Thar (Private) Limited &#8211; with a generation capacity of 330 MW (date of IA execution November 24, 2017)\u00a0<br><strong>Read:<\/strong> <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zameen.com\/news\/gwadar-free-zone-development.html\" data-type=\"post\" data-id=\"86313\" target=\"_blank\">Gwadar Free Zone development important for economic growth: Minister Ismail<\/a><\/li><li>Thar Energy Limited &#8211; with a generation capacity of 330 MW (date of IA execution November 10, 2017)\u00a0<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.zameen.com\/news\/sindh-govt-invites-australian-firms-to-invest-in-thar-coal-project.html\" data-type=\"post\" data-id=\"55666\" target=\"_blank\">Thar Coal Block-1 <\/a>Power Generation Company (Private) Limited &#8211; with a generation capacity of 1,320 MW (date of IA execution: December 12, 2019.\u00a0<br><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/govt-allocate-pkr-700-bn-psdp-fy23.html\" data-type=\"post\" data-id=\"86383\" target=\"_blank\" rel=\"noreferrer noopener\">Govt to allocate PKR 700 bn for PSDP in FY23: Ahsan Iqbal<\/a><\/li><\/ul>\n\n\n\n<p>However, the government has instructed companies to meet the following criteria in order to avail the tax exemption status:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The company shall enter into an Implementation Agreement (IA) with GOP<\/li><li>The contractor shall submit a copy of the contract or agreement under which he intends to import the goods for the project.&nbsp;<\/li><li>The chief executive or head of the contracting company shall certify that the imported goods are the project&#8217;s bona fide requirement.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Gwadar: The federal government has restored the tax exemption for the seven power plants currently being developed under the China-Pakistan-Economic-Corridor (CPEC) project, news sources reported on June 7. The formal announcement of the tax exemption will be made in the budget announcement scheduled for June 10.\u00a0 Read: \u00a0\u00a0Govt resumes construction on Balochistan\u2019s Naulong Dam Reportedly, the following powerplants have been exempted from tax duties on the import of heavy machinery:&nbsp; Kohala Hydro Company (Private) Limited &#8211; with a generation capacity of 1,124 MW (date of IA execution: May 25, 2020)\u00a0\u00a0 Azad Pattan (Private) Limited &#8211; with a generation capacity of 700.7 MW (date of IA execution July 6, 2020\u00a0 SK Hydro (Private) Limited &#8211; with a generation capacity of 870.25 MW (date of IA execution: April 11, 2014).\u00a0 CHIC Pak Power Company (Pvt) Limited &#8211; with a generation capacity of 300 MW (date of execution: April 8, 2021).\u00a0 Thal Nova Power Thar (Private) Limited &#8211; with a generation capacity of 330 MW (date of IA execution November 24, 2017)\u00a0Read: Gwadar Free Zone development important for economic growth: Minister Ismail Thar Energy Limited &#8211; with a generation capacity of 330 MW (date of IA execution November 10, 2017)\u00a0 Thar Coal Block-1&hellip;<\/p>\n","protected":false},"author":84,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20385],"tags":[52624,52622,52623],"persona":[],"class_list":{"0":"post-86492","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-development-projects","8":"tag-fed-govt-restores-seven-cpec-powerplants-tax-exemption","9":"tag-power-generation-pakistan","10":"tag-tax-expemtion","11":"cat-20385-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fed govt restores seven powerplants&#039; tax exemption - Zameen News<\/title>\n<meta name=\"description\" content=\"Gwadar: The federal government has restored the tax exemption for the seven power plants currently being developed under the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fed-seven-cpec-powerplants-tax-exemption.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed govt restores seven powerplants&#039; 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