Tuesday, August 16, 2022

Govt approves negotiation with Russia for agreement on construction of 600mw NGCC power plant


ISLAMABAD: The Federal Cabinet has approved initiation of agreement between Russia and Pakistan on Cooperation for Construction of 600 MW Natural Gas Combined Cycle Power Plant at Jamshoro.

Prime Minister Shahid Khaqan Abbasi chaired the cabinet meeting in Islamabad on Tuesday.

The meeting authorized Power Division to negotiate the details of draft Framework Agreement with Russian authorities and bring the agreed version before the cabinet. It would also finalize the terms and conditions of the loan in consultation with EAD and Finance Division.

The meeting also approved a range of other proposals.

The Federal Cabinet approved a proposal by Aviation Division to grant exemption to Pakistan International Airlines Corporation Limited (PIAC) from fee payable at 0.1% to the Pakistan Stock Exchange Limited (PSX) and supervisory fee payable at 10% to Securities and Exchange Commission of Pakistan of PSX fee on issuance of additional shares.

Establishment of Insurance Tribunal at Lahore and Multan was also approved.

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The Cabinet approved appointment of Air Marshal Ahmer Shahzad as Chairman Pakistan Aeronautical Complex Board Kamra.

Extension in contract appointment of Mr. Omar Arshad Hakeem, Judicial Member (BS-21) Customs Appellate Tribunal, Bench II Lahore for a further period of two years was allowed by the Cabinet.

The Cabinet approved a proposal of Law and Justice division for repatriation of Mr. Manoo Mal Khagaija, Judge Banking Court-I Hyderabad to Sindh High Court and appointment of Syed Nasiruddin Shah, District and Session Judge as Judge Banking Court -I Hyderabad.

The Cabinet also ratified recommendations of the Cabinet Committee for disposal of legislative cases held on 22-09-2017. Decisions taken by Economic Coordination Committee of the Cabinet in its meeting held on 14-09-2016 were ratified by the Cabinet.

Proposal of Economic Affairs Division for signing of Financial Cooperation Agreement (FCA) 2015 with Germany was approved.

The Cabinet allowed signing of MoU between Intellectual Property Organization (IPO) of Pakistan and State Intellectual Property Office (SIPO) of China.

The enhanced cooperation between IPO-Pakistan and SIPO-China would enable both the organizations to learn from each other’s experiences.

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IPO-Pakistan would also learn from China’s rich experience in using the IP system in a balanced and flexible manner that promotes national development and trade while protecting IP rights.

The Cabinet ratified the Statute of the ECO Regional Centre for Cooperation of the Anti-Corruption Agencies and Ombudsmen (RCCACO).

The Cabinet approved proposal of Revenue Division to amend the Convention of the Avoidance of Double Taxation between Pakistan and Korea.

Amendment to the existing Convention between Pakistan and Qatar for the avoidance of double taxation and Prevention of Fiscal Evasion with respect to Taxes on Income for Updation of Article on Exchange of Information was  approved by the Cabinet.

Furthermore, the Cabinet approved amending the existing Convention between Pakistan and Canada for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income for Updation of Article on Exchange of Information.

The Cabinet approved amendment in SRO 1125(I)/2011 dated 31.12.2011 allowing reduction in rate of sales tax from 17% to 6% on ready to use imported finished articles of textile and leather, in line with WTO regulations.

Amendment in Import Policy Order with regard to import of beef was  approved. In order to clarify the said commodity in Import Policy Order, the word MBM would be incorporated after the word “meat and bone meal” in the said Policy Order.


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