I do not own shares in any GDC-affected company: Tareen

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ISLAMABAD: PTI leader Jahangir Khan Tareen has rubbished media reports that he was among the beneficiaries of Rs210 billion waiver announced by the federal government on account of Gas Infra­structure Development Cess (GIDC).

“False news at its peak these days. Story re my connection with any Fertilizer company in any form is totally concocted and malicious . I do not own any shares in any GIDC affected company and neither do any of my family members,” Tareef clarified in a Twitter statement.

Meanwhile, the government justified its decision to write off about Rs210 billion to big businesses out of their outstanding Rs420bn bills on account of Gas Infra­structure Development Cess (GIDC).

The government argued it has taken this step to secure a lower but more certain future revenue stream.

“It is not a free lunch to fertiliser or any other sector,” said Energy Minister Omar Ayub Khan at a hurriedly called joint news conference with Special Assistant to Prime Minister on Petroleum Nadeem Babar, according to Dawn.

The GIDC waiver ordinance was drawn up on the pattern of GIDC (Amendment) Act introduced by the PML-N government for a similar settlement with the CNG sector.

The minister said the fertiliser industry will have to submit to a forensic audit to determine if it had collected GIDC from farmers, and if so, to what extent and would have to refund such amounts to the farmers through future price adjustment or surrender these amounts to the government treasury.