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ISLAMABAD:
The Public Accounts Committee (PAC) on Tuesday took audit objections worth over Rs 20 billion related to the oil ministry, revealing large-scale non-collection of oil taxes, dubious financial arrangements and weak enforcement mechanisms, causing massive losses to the public exchequer.
During the Parliamentary Select Committee meeting, held under the chairmanship of Syed Naveed Qamar, the lawmakers reviewed audit objections involving Rs 14.63 billion in unpaid petroleum tax and fines from Hascol and Synergy.
The panel chairman raised concerns about the age of the case and asked how much improvement had been made so far.
Audit officials told the committee that only Rs190 million had been recovered till date.
The petroleum secretary told the committee that Hascol had paid the amount, but it had been deposited into the wrong account. However, the Auditor General informed the committee that the account had since been closed and the protocol could no longer be corrected.
