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Abdul Hafeez Shaikh to chair ECC meeting on Wednesday

ISLAMABAD: Finance Minister Abdul Hafeez Shaikh will chair the session of the Economic Coordination Committee (ECC) to discuss a seven-point agenda on Wednesday (tomorrow), ARY News reported.

The Economic Coordination Committee (ECC) will review the provision of gas supply from Mari gas fields to Sui Southern Gas Company (SSGC). It will also deliberate upon the purchases of 300 megawatts electricity from a powerhouse in Gwadar.

Moreover, the participants of the session will review the continuation of the subsidy to the state-owned utility stores besides mulling over the summary related to the dealer margin of oil marketing companies and Textile Policy 2020-25.

Read: ECC approves additional cut in customs duties on 152 tariff lines

In the previous meeting on January 21, ECC had approved a reduction of withholding income tax on commercial import of white and raw sugar form 5.5 per cent to 0.25 per cent and removal of value-added sales tax on import of white sugar.

The ECC meeting chaired by Minister for Finance and Revenue Abdul Hafeez Shaikh had directed the Trading Corporation of Pakistan (TCP) to import white sugar up to 500,000 MT if and when needed during the current season.

The reduction in taxes will incentivize the sugar mills for the import of 300,000 MT raw sugar up to 30th June 2021, read a statement issued by the ministry.

Read: ECC approves issuance of Eurobonds for Mohmand, Diamer Bhasha dams

Ministry of National Food Security and Research had presented a summary to authorize TCP to make immediate arrangements for the import of 300,000 MT of wheat through the tendering process as ratified by the cabinet and nominate PASSCO as a recipient agency for the imported wheat to replenish its stock as needed. ECC had accorded approval as requested by the ministry.

Moreover, ECC had also approved another summary by the Ministry of National Food Security and Research regarding the allocation of 60,000 MT of wheat for the Food Department, Balochistan from PASSCO’s existing stock on the subsidized rate as per previous practice.

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