The Economic Coordination Committee (ECC) of the cabinet Wednesday approved removal of additional 2 percent customs duties on 152 tariff lines, mostly raw material, on horizontal basis under National Tariff Policy 2019-24.
The bill was presented by the Ministry of Commerce before the ECC, meeting of which was chaired by Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh here. The ECC approved the summary with a direction that budget cycle must be observed while planning important incentives for businesses and industries for smooth planning and subsequent implementation during the financial year.
Meanwhile, the ECC also approved in principle a summary tabled by ministry of Maritime Affairs for awarding contract regarding infrastructure facilities, sewerage system and water supply system in Gulshan-e-Benazir Township Scheme (GBTS) at Port Qasim Authority, Karachi.
The ECC approved the projects in conformity with the PQA Act-1973, in principle, and directed Ministry of Maritime Affairs to settle the modalities for the award of contracts as per rules. —APP