ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) has approved import of up-to five-year old tractors under the Kissan package to reduce cost of tractors.
The ECC, which met in Islamabad on Tuesday with Finance Minister Ishaq Dar in the chair, allowed depreciation in value at two percent per month up to maximum of 60 percent in view of duty reduction for import of second hand tractors.
Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Planning and Special Initiatives Ahsan Iqbal, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr. Aysha Ghous Pasha, Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries and other senior officers attended the meeting.
Ministry of Energy (Petroleum Division) presented a summary for assignment of working interest in exploration licenses/Blocks.
The Ministry of Commerce tabled a summary on the Import of Agricultural tractors under the Kissan package 2022 and proposed amendments in Import Policy Order 2022 to reduce the cost of tractors.
The ECC after deliberation approved the proposals of the Commerce Ministry and allowed amendment in the relevant clause of the IPO 2022 for the import of upto 5-year-old tractors. Regarding ‘Duty Reduction’ for the import of secondhand tractors, the ECC allowed depreciation in value at 2% per month up to a maximum of 60% as already provided under CGO no. 14 of 2005.
Finance Division presented a summary on proposals of State Bank of Pakistan (SBP) regarding an equity investment of USD 4.9 million by Fauji Foundation for the acquisition of shares of Daharki Power Holding Limited and submitted that the Government allowed Fauji Foundation to make equity investment abroad of US$ 12 million in ‘Daharki Power Holdings Limited’ in 2008.
Fauji Foundation, Asian Development Bank (ADB) and Daharki Power Holdings Limited, BVI entered into an agreement in 2008, which provided ADB the right to exercise put option with respect to 2,750,000 shares subscribed by it.
The ECC considered the proposals of SBP and allowed equity investment of US$ 4.9 million by Fauji Foundation for the acquisition of 2,750,000 shares (18.64% stake) of Daharki Power Holdings Limited and granted waiver/exemption to Fauji Foundation from the policy enumerated in Foreign Exchange Manual being incorporated as a trust under Charitable Endowment Act 1980.
