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ECC approves removal of 5% regulatory duty on import of cotton yarn

ECC approves removal of 5% regulatory duty on import of cotton yarn
December 2, 2020

The decision was made during a meeting of the ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

Moreover, the Ministry of Commerce submitted another summary to re-consider the earlier decision taken by ECC dated Oct 19, 2020 regarding procedure for registration under concessionary regime of electricity, RLNG and Gas in export oriented sectors (erstwhile zero-rated sectors).

After due deliberation, the Chair directed to maintain status quo with a condition that FBR may register new manufacturers or exporters in five export oriented sectors (erstwhile five zero-rated sectors) in coordination with the Ministry of Commerce till June, 2021.

The NHA was also granted a one-month moratorium to work out details and present recommendations regarding financial viability of NHA before the forum. The ECC recommended a summary presented by the Industries and Production Division to approve release of funds to PSM for payment in lieu of gas supply to SSGC through a Technical Supplementary Grant (TSG). Federal Minister for Maritime Affairs Ali Zaidi raised the matter of priority berthing for wheat and sugar.

The ECC directed the Logistics Committee to ensure berthing of wheat and sugar vessels on priority, keeping in view, that other imports are not affected. It also accorded approval for allocation of additional funds for maintenance of Islamabad High Court Building and Judges Residences through TSG as requested by the Ministry of Housing and Works.