ISLAMABAD - The Senate Standing Committee on Finance and Economic Affairs would take two bills today (Tuesday) for imposing new taxes on gas, as the government has planned to generate more than Rs 40 billion by imposing new taxes on gas consumers. Senator Ahmed Ali would chair the meeting that would take two crucial bills titled "The Petroleum Products (Petroleum Levy) Amendment Bill 2011" and "Gas Infrastructure Development Cess Bill 2011," said the agenda of the meeting. The government in a mid-year taxation measures is determined to impose new taxes worth more than Rs 40 billion on gas consumers, wherein some Rs 13 billion from gas development cess and Rs 27 billion from petroleum levy, official sources informed TheNation on Monday. Federal Minister for Petroleum and Natural Resources Dr Asim Hussain had presented the said two bills in the Upper House of the parliament on October 27 that were referred to the Standing Committee on Finance and Economic Affairs. As these two are money bills, therefore it is binding on the Senate to forward its recommendations to be incorporated in the bills to the National Assembly in 14 days period. According to the two bills, the government is planning to impose a new cess on gas consumption over and above the fixed gas sale price to generate funds to develop natural gas infrastructure for the imported Liquefied Natural Gas (LNG), Iran Pakistan (IP) gas pipeline and Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline. Furthermore, according to these two bills, the government is all set to impose levy on Compressed Natural Gas (CNG) while on LPG, it is planned to inflict a levy worth $120/Metric tons. A surcharge worth Rs 80/mmbtu on the gas being provided to fertilizer plants and Rs70/mmbtu to IPPs while Rs 70/mmbtu to captive powers. However, this surcharge will not be inflicted on the domestic consumers of the country. The Petroleum Products (Petroleum Levy) Amendment Bill, 2011 seeks amendment in the Petroleum Products (Petroleum Levy) Ordinance, 1961. The amendment will make every company, refinery and licensee pay to the government a petroleum levy on petroleum products at such rate as may be notified by the federal government in the official gazette, from time to time.