ECC meeting mulls withdrawal of custom duty on cotton import
ISLAMABAD: A meeting of the Economic Coordination Committee of the Cabinet has been underway in Islamabad with Finance Minister Asad Umar in chair, ARY News reported on Tuesday.
The ECC meeting in its agenda today had to take decision about withdrawal of custom duty and additional custom duty on the import of cotton. A proposal to exempt the imported cotton from sales tax was also under consideration of the cabinet committee.
The ECC during its deliberations decided to leave the matter of exemption of custom duty and sales tax on the imported cotton to the Revenue Division.
The cabinet committee also summoned report from the ministry of industries over making Pakistan Steel as a functional entity.
The ECC in its previous meeting approved the proposal of the energy ministry for supply of up to 25 MMCFD additional gas from Adhi Gas Field to Sui Northern Gas Pipelines Ltd. (SNGPL) to meet the existing gas demand on the system.
The ECC had also reviewed the demand and supply situation of urea in the country.
An agreement between the Pakistan State Oil (PSO) and the State Oil Company of Azerbaijan Republic (SOCAR) for fuel supply was also discussed.
The cabinet committee also discussed reports on export of surplus wheat.
The meeting also discussed critical issues regarding supply of urea and other items.
The ECC reviewed the progress on establishment of economic zones in various parts of the country to boost the economic activity.
It was decided that the federal planning minister will ensure necessary infrastructure arrangements for these zones.