ISLAMABAD: The Federal Board of Revenue (FBR) has exempted all assets of Reko Diq Mining Company (Private) Limited from payment of Capital Value Tax (CVT) payable under the Finance Act 2022.
The FBR on Monday issued SRO.2200(I)/2022, in the exercise of the powers conferred by sub-section (12) of section 8 to the Finance Act 2022, the federal government has exempted all assets of the Reko Diq Mining Company (Private) Limited, formerly the Tethyan Copper Company Pakistan Private Limited (TCC) from the whole of the capital value tax payable under sub-section (1) of section 8 of the Finance Act 2022.
It is pertinent to note that ECC on Sunday directed State Owned Enterprices such as OGDCL, Government Holding Private limited (GHPL) and PPL to deposit late payment interest amount of $22.7 million in escrow account jointly operated by Antofagasta PLC and government of Pakistan in connection with Reko Diq Project dispute settlement.
Presently, The SOEs including OGDCL have to pay $4.7 million interest, PPL $4.7 million, GHPL $4.7 million while the government of Balochistan share in interest payment is $8.5 million.
