Govt exempts import duties on equipment for CPEC projects

Islamabad: The Economic Coordination Committee (ECC) of the Cabinet approved Tuesday grant of exemption from customs duties, levies and other relevant taxes for import of equipment and construction material to contractors for the completion of two early harvest projects of Karakorum Highway (KKH) phase II (Thakot to Havellian section) and Karachi-Lahore Motorway (Sukkar to Multan Section) under the China Pakistan Economic Corridor.

Finance Minister Senator Mohammad Ishaq Dar chaired the meeting of the ECC here at the Prime Minister’s Office.

On a proposal from Finance Division, the ECC approved the remittance of AED 100 Million equivalent to US$ 27.2 million on account of planned opening of wholesale Branch of Bank Alfalah Limited in UAE.

According to the proposal, this investment will help create employment opportunities for Pakistani nationals in UAE which is also keenly desired by the Government of Pakistan.

ECC also considered the proposal submitted by the Ministry of National Food Security and Research for allowing additional rebate of US$ 30 per ton on the export of surplus wheat,wheat flour in order to allow the exporters to sell the wheat flour on competitive rates.

ECC earlier granted rebate at the rate of US$ 55 and US$ 45 to the provinces of Punjab and Sindh.

Both provincial governments also contributed $35 and $45 per ton respectively as their share in the export rebate.

On a fresh proposal submitted for consideration, it was stated that the export be allowed till November 30, 2016 and export process be completed by January 31, 2017.

ECC granted approval to the proposal on the condition that the additional rebate at the rate of US$30 shall be shared equally by the Federal and provincial governments.