ECC decides to abolish tax, duty on import of cotton effective from Feb
New cotton policy would be effective from 1st of February till 30th June 2019.
ISLAMABAD (Dunya News) - Economic Coordination Committee (ECC) on Thursday has decided to abolish customs duty, additional customs duty and sales tax on import of cotton which would be effective from 1st of February till 30th June 2019 to ensure sufficient supply of cotton for the industry.
Finance Minister Asad Umar chaired a meeting of ECC in Islamabad today and took decision on the proposal of Commerce Division.
Under Import policy 2016 the government has approved suggestion for ease of doing business.
The committee has reviewed a five point agenda during today’s meeting and approved the regulatory amendments in the Export and Import Policy Order 2016 to increase ease of doing business.
These will be submitted for consideration of the Federal Cabinet. The amendments are aimed at enhancing ease of doing business in the country.
The ECC also approved a proposal of the Commerce Division that duty and taxes on all imported vehicles in new and used condition under personal baggage or gift scheme will be paid out of foreign exchange arranged by Pakistani Nationals themselves or local recipient supported by bank encashment certificate showing conversion of foreign remittance to local currency.
The meeting discussed and approved another proposal from Ministry of Commerce and Textile to clear outstanding claims of drawback of local taxes and levies (DLTL) under the exports incentive scheme announced by the Government in Finance Act 2014-15.
The ECC decided that cases which were submitted in time but have been pending due to want of funds, will be entertained by the government.
