The Economic Coordination Committee of the Cabinet on Tuesday approved a proposal of Ministry of Commerce & Textile relating to payment of duty and taxes on all imported vehicles in new/used condition under personal baggage or gift scheme, through 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 was held here on Tuesday with Finance Minister Asad Umar in the chair.
The ECC approved regulatory amendments in the Export Policy Order 2016 and Import Policy Order 2016 as proposed by Commerce Division. 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 in consideration of the proposal submitted by the Ministry of Commerce & Textile, accorded approval for withdrawal of customs duty, additional customs duty and sales tax on import of cotton effective 1st of February 2019 to 30th June 2019.
The step is aimed at ensuring sufficient supply of cotton for the textile industry, especially its export segment.
The ECC 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.