Federal cabinet briefed about locust attack, plane crash tragedy
ISLAMABAD (92 News) – Prime Minister Imran Khan presided over a meeting of the federal cabinet on Tuesday.
The forum reviewed political and economic affairs and coronavirus situation. It also reviewed the development about the budget.
The meeting was also briefed about the plane crash tragedy and the locust attack in different cities of the countries.
The cabinet members attended the meeting by strictly following the standard operating procedures (SOPs).
The forum also endorsed the decisions made by the Economic Coordination Committee. It also granted the Asian Development Bank to construct its office in Islamabad. It also approved the appointment of Financial Monitoring Unit director general on deputation.
The forum approved the first-ever mobile device manufacturing policy under which manufacturers will be granted privileges for preparing and assembling mobile phones. Under the policy, the fixed income tax will be waived off on the preparation and assembling of mobile device of up to US$350 million.
The fixed will be raised by Rs2,000 on the mobile device of worth US$351 and US$500, while the fixed income tax will be raised by Rs6,300 on the mobile phones of US$500.
Moreover, steps will be taken to abolish mis-declaration of the imported mobile phones. A three percent R&D allowance will be given for exporting mobile phones.
In addition, four percent withholding tax will be waived off on the local sale of mobile phones in the country.