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ECC approves withdrawal of sales tax, customs duty on cotton import

ECC approves withdrawal of sales tax, customs duty on cotton import

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved withdrawal of sales tax and customs duty on import of cotton.

In a meeting chaired by Prime Minister Shahid Khaqan Abbasi, the ECC approved a proposal for withdrawal of sales tax and customs duty on imported cotton effective from January 08, 2018.

The meeting approved financing plan for 1.2 Billion Cubic Feet per Day (BCFD) capacity RLNG-III pipeline project (Karachi to Lahore) to be undertaken by SSGCL and SNGPL. The ECC directed Petroleum Division to also examine the possibility of Public-Private Partnership for the project.

Proposal to allocate 10 MMCFD gas from Adam X-1 and 18 MMCFD from Adam West X-1 to SSGCL was approved. The price of gas will be determined as per the applicable Petroleum Policy.

The ECC also granted approval for issuance of GoP Sovereign Guarantee for Rs39,000 million for construction of two 660 MW coal power projects at Jamshoro. The approval has been granted after third party evaluation of the project and authentication of the projected demand and supply data submitted by NTDC.