The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired meeting of the Economic Coordination Committee of the Cabinet (ECC) at the Prime Minister’s Office Friday.
ECC after detailed deliberations approved the Automotive Development Policy 2016-21. The policy aims to facilitate higher volumes, better investment, enhanced competition and better quality with latest technology. The Policy also aims to create a balance between industrial growth and tariffs to ensure sustainability for all stakeholders. It would also ensure consumer welfare besides aiming at providing policy consistency and predictability for investors. The Automotive Development Policy (ADP) 2016-21 will be formally launched on Monday, 21 March, 2016.
On the proposal submitted by the Ministry of Petroleum and Natural Resources, ECC allowed 45mmcfd raw gas from M/s OGDCL’s Qadirpur Gas Field to be allocated to Ms TNB LPL up to year 2025-26 enabling the plant to continue to provide 211 MW net power to the National Grid.
ECC allowed increase in the limit of the GoP guarantees for PIA from Rs. 146 billion to Rs. 151 billion to help the National Carrier pay its liabilities.
The ECC considered and approved the proposal submitted by Ministry of National Food Security and Research for extension in the date for export of wheat/wheat flour (aata) till 15th June 2016.
On a proposal submitted by the FBR, the ECC approved levy of 15% additional regulatory duty on import of finished iron and steel products till 30th June 2016. ECC also approved levy of regulatory duty @10% on aluminum alloy.
On another proposal of Federal Board of Revenue, the ECC gave approval for extension in the date for reduced withholding tax @ 0.4% for non-filers under section 236p of the Income Tax Ordinance, 2001 up to 31st March, 2016.
The ECC had detailed discussion on proposal concerning RLNG based IPPs submitted by Ministry of Water and Power. The forum approved extension in Bid submission date for 1000 MW R-LNG based IPPs initiative till 5th of April.
PREVIOUS NEXT
