ISLAMABAD: The Economic Coordination Committee (ECC) Tuesday approved a summary seeking exemption from withholding tax on two schemes – Crop Loan Insurance Scheme and Livestock Insurance Scheme – for small farmers.
The committee, which met under the chair of Finance Minister Ishaq Dar at the Prime Minister’s House, also approved extension in the export of wheat date by the end of this month. It was also approved that same rate of rebate would be given on export of wheat products like suji, maida and wheat flour fine (aata) as available on per kg wheat export.
The committee accorded approval to the proposal of Ministry of Food Security for maintaining the Minimum Guaranteed Price at Rs 1,300 per 40kg for wheat crop 2016-17.
It also approved re-lending the Export-Import Bank of China’s loans to the Pakistan Atomic Energy Commission (PAEC) for Chashma Nuclear Power Plant units 3 and 4 on similar terms available to the provincial departments. The Ministry of Petroleum apprised the meeting of the increase in natural gas production.
The ECC approved the proposal of the ministry for allocation of the additional gas up to 84 MMCFD produced from Nashpa oil field to the SNGPL to cope with demand-supply imbalance.
ECC also accorded approval in principle for re-enactment of OGRA [Amendment] Ordinance, 2009 [XVI of 2009] with retrospective effect containing validation and sun-set clauses from the date of promulgation of the ordinance with a condition not to change the present system of sales tax collection.
The ECC also approved extension of a gas mining lease agreement – signed between the Ministry of Petroleum and Natural Resources and the Balochistan government – for the next 10 years.
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