The Economic Coordination Committee (ECC) approved the summary presented by the Ministry of Commerce regarding the removal of additional 2 percent customs duty on 152 tariff lines, mostly raw material on a horizontal basis under National Tariff Policy 2019-2024.
The ECC meeting of the Cabinet held on Wednesday was chaired by Dr. Abdul Hafeez Shaikh, the Federal Minister for Finance and Revenue.
Interior Minister Sheikh Rasheed Ahmad, Minister for Privatization Muhammad Mian Soomro, Minister for Planning Asad Umar, Minister for Development and Special Initiatives, Hammad Azhar, the federal Minister for Industry and Production, Abdul Razzaq Daud, Minister for Food Security and Research Syed Fakhar Imam, SAPMs and Governor State Bank Raza Baqir attended the meeting.
The ECC gave the approval of the summery with the direction that the budget cycle must be kept in view while planning important incentives for the business and industries for smooth planning and implementation during the financial year.
These items are currently subject to 3% customs duty. The commerce ministry in the ECC meeting calculated the financial impact of the removal of additional customs duty at Rs 550 million.
Ministry of Maritime presented summery for giving contract about infrastructure facilities, sewerage system and water supply system in Gulshan-e Banazir Township Scheme at Port Qasim Authority, Karachi.
The ECC gave the approval of the projects in conformity with the PQA Act-1973 in principle and directed the Ministry of Maritime Affairs to settle the modalities for the award of contract as per rules and regulations.
Furthermore, the Economic Coordination Committee gave the approval for the allocation of an additional 200,000 MT for Khyber Pakhtunkhwa, 80,000 Mt for AJ&K, and 220,000 for Utility Sores Corporation of Pakistan from PASSCO on the request of the Ministry of Food Security and Research.