ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Shaukat Tarin Monday directed the Petroleum Division to present a workable plan in the next meeting for the sustainability of petroleum companies.
Chairing a meeting on dividends to shareholders of energy sector companies, the adviser discussed various measures to support the petroleum companies, advising them to make the best use of their resources, said a press statement issued by the finance ministry.
On the occasion, Secretary Petroleum gave a presentation on the issue of dividends by the petroleum listed companies and informed that low dividend payout ratio and mounting circular debt resulted in significant drop in share prices, which was affecting future growth and long term sustainability of the petroleum listed companies.
Among others, the meeting was attended by Secretary Finance, Secretary Petroleum, MD OGDCL, and senior officers.
Meanwhile, Shaukat Tarin held a meeting Shahid Nazir, CEO, Masood Textile Mills Ltd and highlighted that the government was mindful of challenges faced by the business community and concrete steps have been initiated to build up their confidence.
He further assured to resolve their legitimate issues and concerns, the press statement added.
Earlier, Shahdi Nazir apprised the Adviser about issues and challenges that Masood Textile Mills was facing related to Income Tax and sales tax refunds and Taxes on Exporters Foreign Commission Payments, etc. He sought help from the government to address these issues, the statement added.
The meeting was also attended by Chairman FBR and senior officers of Finance Division.
