The Economic Coordination Committee of the Cabinet, in its meeting chaired by the Finance Minister, Senator Mohammad Ishaq Dar, at the Prime Minister’s Office on Tuesday, approved the export of 0.3 million tons of sugar, in addition to the export quantity already approved. The decision has been taken keeping in view the recommendations of the Inter Ministerial Committee, constituted by the Prime Minister, and the Sugar Advisory Board. The export quota would be approved and monitored by the State Bank of Pakistan (SBP) on first come first serve basis.
The ECC also approved a proposal of the Ministry of Industries and Production to grant exemption from value added tax as required under a provision of a proposed agreement between the Government of Pakistan and the Government of Belarus on Industrial, Scientific and Technical Cooperation. Once the agreement is signed, both governments will mutually exempt value added tax when importing goods supplied on cooperation base, as well as goods supplied under grant-in-aid.