ECC okays import of 100,000 tonnes urea

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet on Friday approved the import of 100,000 Metric Tons (MT) urea.

Minister for Finance and Revenue Muhammad Aurangzeb chaired the meeting that okayed a proposal submitted by the Ministry of Industries and Production aimed at ensuring sufficient supplies of urea in the market.

“This will also ensure stability of prices of fertilizer during the cropping season,” a Finance Division press statement said.

The meeting was also attended by Minister for Industries and Production Rana Tanveer Hussain, Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Economic Affair Ahad Khan Cheema, Governor SBP, Chairman SECP, Deputy Chairman of the Planning Commission, MD PASSCO, Chairman TCP, Federal Secretaries and other senior officials of the relevant ministries.

Earlier, the federal government imposed regulatory duty on import of 657 luxury items and notified additional duty customs on import of 2,200 items

According to the notification, the Federal Board of Revenue slapped 2% ADC on items subject to 0% duty.

The ACD would be applicable at the rates of 2 percent; 4 percent; 6 percent and 7 percent on the import of goods as specified in the SRO 929(I)/2024.

From July 1, 2024, the FBR has imposed additional customs duty (ACD) on the import of wide range of goods including seven percent ACD would be applicable on the import of cars, jeeps, light commercial vehicles in CKD condition exceeding 1,000 cc and heavy commercial vehicles in CKD condition.