The ECC of the Cabinet met here on Monday under the Chairmanship of Minister for Finance, Senator Mohammad Ishaq Dar and approved the proposal of Revenue Division for additional revenue measures worth Rs.40 billion. The measures relate to imposition/enhancement of regulatory duty on a number of imported items including cars above 1000 CC. While approving the additional measures, the Committee made certain that items of common man’s use are not adversely affected by the changes.
On a proposal submitted by the Ministry of National Food Security & Research, the ECC approved imposition of 30% Regulatory Duty on import of maize. The decision has been taken in view of the abundant maize stock available in the country and noticeable difference between price in local market and international market. The ECC also approved the proposal of Ministry of National Food Security, for fixation of Minimum Guaranteed Price of Rs.1300 per 40 KG for procurement of wheat crop 2015-16.
On a proposal from the Federal Board of Revenue the ECC approved extension in time period for 0.3% reduced rate of advance income tax (WHT) on non-filers up to 31 December 2015.
The ECC aIso approved the proposal of Federal Board of Revenue for grant of exemption of duties and taxes for the equipment to be installed at IC3 facility at Port Qasim. The exemption was granted in pursuance of a bilateral agreement. The installation of the equipment would benefit Pakistani exports as it provided single step clearance for all US bound export cargo using scanners with sophisticated technology.
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