ISLAMABAD, July 04 (ABC): Finance Minister Miftah Ismail has summoned a meeting of the Economic Coordination Committee (ECC) which would mull over import payments to Afghanistan in Pakistani rupees and other issues.
According to sources, the Miftah Ismail-led meeting of the ECC would mull over an eight-point agenda.
“It includes payment of imported items from Afghanistan in Pakistani rupee and approval for import of 120,000 tons of wheat for Afghanistan,” they said.
The meeting, according to sources, will also consider approval of funds for payment of markup to be paid by heavy electrical complex, and implementation of national disease emergency to deal with lumpy skin disease. Moreover, technical supplementary grants for economic affairs and planning ministries will also be considered for approval in the meeting.
During the last meeting, the Economic Coordination Committee (ECC) of the Cabinet approved a levy of 10% regulatory duty on the import of motor spirit. The approval was given during ECC meeting held at Finance Division with Federal Minister for Finance and Revenue Miftah Ismail in the chair.
Ministry of Commerce submitted a summary on levy of regulatory duty on import of Motor Spirit. It was informed that the import of Motor Spirit (MS) is subject to 10% Customs Duty under the 5th schedule of the customs Act, 1969, but it is subject to 0% under China Pakistan Free Trade Agreement (CPFTA).
The ECC after discussion, in order to address this anomaly, allowed a levy of 10% regulatory duty on the import of MS. Ministry of Industries and Production submitted a summary for release of funds for SSGC for gas supply to Pakistan Steel Mills (PSM).
It was submitted that due to closure of the production activity in Pakistan Steel Mills(PSM), low flame gas of 2 MMCFD is being supplied to PSM primarily to preserve the Coke Oven Batteries and refractories kilns with an average monthly bill of Rs80 million (Approx.).