ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has 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.).
The ECC after discussion allowed release of Rs620.85 million for making payment of 8 months outstanding gas bills i.e. July 2021 to Feb 2022.
Ministry of National Food Security & Research tabled a summary for revision of Cess rates on Tobacco for the year 2022-23.
The ECC approved Rs6 per KG new Cess rate of Flue Cured Virginia (FCV) including plain Area as well as sub-Mountainous Area, Rs3.60 per kg for Dark Air-Cured Tobacco (DAC), Rs3 per kg white patta (WP), Rs5 per kg burley, Rs3 per kg of Naswar/snuff/Hookah and other Rustica Tobacco and its products.
Ministry of Communication submitted a summary on funds required for clearing liabilities of the Utility Companies/ Agency partners of the Pakistan Post Office Department (PPOD).
from Business News updates - Latest news stories on Economy from Pakistan https://ift.tt/avuVit7
via IFTTT