ECC approves FBR’s proposal for reduction in regulatory duty

LAHORE: The Economic Coordination Committee (ECC) Friday approved also approved a proposal for reduction of certain regulatory duties on certain items as proposed by the Federal Board of Revenue.

The proposal was approved in a meeting of the Economic Coordination Committee (ECC) held at Prime Minister House chaired by Prime Minister Shahid Khaqan Abbasi.

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The proposal of exemption from applicability of section 5-A of the Income Tax Ordinance 2001 to companies with special agreement with the Government of Pakistan was approved by ECC.  The ECC approved a proposal for grant of exemption from tax-duties for import of construction material for infrastructure projects of National Highway Authority under the CPEC project. This exemption would be applicable only to the construction of Sukkur-Multan section of Peshawar to Karachi Motorway project.

The ECC approved exemption from relending policy of Government of Pakistan for funds release to State Bank of Pakistan for implementation of Financial Inclusion and Infrastructure Project.  The ECC also approved a proposal of Ministry of National Food Security and Research to allow the Governments of Punjab and Sindh to export 1.5 and 0.5 million tons of wheat including wheat products. The export of wheat and wheat products would be completed before the 30^th June 2018.

Proposal for exemption from provision of section 113 of the Income Tax Ordinance 2001 for Public Sector Universities was also approved by the ECC.

The ECC also approved a proposal for the procurement of 0.3 MMT of sugar from the surplus stock of the sugar mills, through tendering process and to export the same through international tendering process. The step would enable the mills to procure sugarcane from the growers at the prescribed rate and to ensure timely payments to the farmers.

The ECC also permitted WAPDA to raise financing from banks against the sovereign guarantee of the Government of Pakistan for the purpose of clearance of arrears of Net Hydel Profits of the Government of Khyber Pakhtunkhwa and Government of Punjab.