Further Clarification on Implementation of Taxes Introduced in Finance Act 2022

Further Clarification on Implementation of Taxes Introduced in Finance Act 2022

Following the reservations raised by the business community over the implementation of taxes introduced in the Finance Act 2022, Spokesperson K-Electric said, “The business community is very dear to us, and we firmly stand with them. These taxes were announced in the federal budget by the Government of Pakistan for the entire country and all power distribution companies are bound to implement them. We would like to reiterate that K-Electric does not receive any benefit from the taxes on the electricity bills, and we have no objection even if these taxes are removed. However, we are yet to receive any direction to amend the order sent by the Federal Board of Revenue (FBR).”

About K-Electric
K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005 KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 square Kilometre territory including Karachi and its adjoining areas. The majority shares (66.4%) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36%) in the company.