ISLAMABAD: The Economic Coordination Committee (ECC) has approved an extension to the date of application of reduced withholding tax rate @ 0.4% for non-filers till 30th of June 2018 under Section 236P of the Income Tax Ordinance-2001.
Prime Minister Shahid Khaqan Abbasi chaired the meeting of Economic Coordination Committee (ECC) at the Prime Minister’s office on Friday.
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The ECC permitted an extension in the deadline for exporting 41000 MT surplus urea till 28th of February 2018. An additional quantity of 35000 metric ton of urea for export to Sri Lanka was also approved.
The ECC approved a proposal allowing the United Towel Exporters Limited to remit € 8.425m from its special foreign currency account to acquire 70% shares of Vespo Group B.V. Netherlands.
The ECC authorized the Central Power Purchasing Agency (CPPA) to sign an interim agreement regarding the revised payment terms for generation on RLNG by four IPPs (M/s Saif Power Ltd., M/s Orient Power Ltd., M/s Saphhire Electric Company Ltd., and M/s Halmore Power Generation Company Ltd.). These IPPs have dual fuel plants, which can be operated on natural gas as primary fuel and High-Speed Diesel (HSD) as secondary/alternative fuel. The operations of these IPPs on RLNG would result in a significant cost saving each month.
