ISLAMABAD: The Economic Coordination Committee (ECC) approved summary submitted by the finance division regarding lifting of withholding tax on small farmers schemes.
The summary sought exemption from the purview of section 236U of Income Tax Ordnance, 2001 to the Crop Loan Insurance Scheme and livestock Insurance Scheme which are aimed at providing risk cover to mitigate losses in case of natural disasters.
The meeting of the ECC held under the chairmanship of Federal Finance Minister Ishaq Dar. ECC also approved extension in the export of wheat date from 30th November 2016 to 31st December 2016. It was also approved that same rate of rebate would be given on export of wheat products like suji, maida and wheat flour fine (ata) as available on per kilogram wheat export.
The Ministry of National Food Security and Research proposed maintaining the Minimum Guaranteed Price (MGP) of Wheat at Rs.1300 per 40 kilogram for wheat crop 2016-17. ECC accorded approval to the proposal for maintaining the MGP of Rs.1300/- per 40 Kg for wheat crop 2016-17. ECC also approved relending the China Eximbank Loans to Pakistan Atomic Energy Commission (PAEC) for Chashma Nuclear Power Project 3 and 4 on similar terms/lines available to the loans relent to provincial governments / departments. The Chinese loans will be relent to PAEC at actual terms and conditions available to the Government of Pakistan and also the exchange rate risk will be borne by PAEC.The Ministry of Petroleum and Natural Resources apprised the ECC regarding increase in natural gas production of more than 83 to 84 MMCFD from Nashpa field. It also stated that the M/s SNGPL is also keen to receive the additional gas due to demand-supply imbalance of natural gas on its system.
