ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) has decided to impose 5 per cent GST on LNG import.
Federal Minister for Finance Senator Muhammad Ishaq Dar chaired the meeting of the ECC here at the Prime Minister’s Office and considered the proposal for exempting LNG import from Gas Infrastructure Development Cess (GIDC) and GST.
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The proposal was submitted by the Ministry of Petroleum and Natural Resources for exempting LNG import from GIDC and GST.
The chair after deliberations accorded exemption from GIDC as it was not applicable on imports as recommended by the committee under the convenership of Secretary Finance with secretary P&NR and Chairman FBR as members.
The Finance Minister said that the decision is taken with a view to facilitate the general public and encourage investment in the sector.
The ECC decided to slash the sales tax on LNG from 17 percent to five percent. The committee has also allowed the Ministry of Port and Shipping for purchase of tug boats for the export of LNG.
The ECC also considered and approved a proposal moved by the Cabinet Division for amendment in the OGRA Ordinance 2002 to establish prices of all refined oil products in the country after the Law Justice and Human Rights Division’s comment that the proposed draft bill was in order and recommended to place it before the CCI.
