ECC has decided to import wheat in the country to mitigate its shortage, curb the hoarding, decrease the rising pricing trend and to replenish the strategic reserves.
Islamabad (PR): In order to bridge the gap between domestic supply and demand of wheat, ensure food security, decrease/stabilize the local wheat prices and to replenish the strategic reserves, the Ministry of National Food Security & Research submits the recommendations for import of 1.0 million tons of wheat for unlimited timeline.
The Economic Coordination Committee (ECC) of the Cabinet in its meeting held on 10-06-2020, on the recommendations of the Ministry of National Food Security & Research decided as below:
a. Removal of all restriction/check posts and free movement of wheat/wheat flour within the country.
b. Import of one million tons of wheat through the private sector for unlimited period, in the HS Code Category of wheat grain- 1001.1900 and 1001.9900 by abolishing following government taxes and duties:
(1) Regulatory Duty: 60 percent.
(2) Custom Duty: 11 percent.
(3) Sales Tax: 17 percent.
(4) Withholding Tax: 06 percent.
c. Waiver in the above duties would also allowed for 0.50 million tons of wheat import, already approved by the ECC of the Cabinet on 19-02-2020.
d. Ban on the export of wheat, wheat flour and wheat products will be continued till next recommendations.
e. Provincial Governments should take appropriate measures to curb the hoarding and profiteering in their respective provinces.
The above decision of the ECC is required to be ratified by the Cabinet in its next meeting.
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