ECC extends PM’s exports package claims’ submission date

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Saturday extended the date of submission of incentive claims under the prime minister’s package for exporters till September 30.

The ECC met under the chair of Finance Minister Ishaq Dar at the Prime Minister’s Office in which proposals submitted by different ministries were discussed.

“The extension will be available for those consignments of exports made up to June 30,” a statement said. The government, in January, approved Rs180 billion incentives package to boost exports by $3 billion by end of June 2018.

The committee also approved a proposal of ministry of national food security and research to extend export period of wheat and wheat products to August 31. 

“Wheat exporters, who shifted wheat from godowns of food departments prior to March 15, 2017 would be
allowed to benefit from this extension,” the statement said.

The ECC said the extension will be allowed subject to verification by the provincial food departments and Pakistan Agricultural Storage and Services Corporation (PASSCO).

The committee approved the proposal regarding outstanding claims of PASSCO on account of wheat supplied to Afghanistan.

The ECC recommend to the government to extend period of applicability of reduced rate of withholding tax of 0.4 percent on banking transactions of non-filers till September 30.

The committee also approved a policy framework to attract investment from private sector into transmission line projects in order to reduce power infrastructure gap across the country.

It discussed the policy framework for private sector transmission line projects 2015.

Ministry of water and power forwarded the summary of the framework to ECC for augmentation of transmission network in the country to transmit electricity from upcoming power projects to the load centres. 

The government envisaged addition of 10,000 megawatts of electricity into the grid by the end of this year under China-Pakistan Economic Corridor projects.    

“The policy provides for standardized security package documents for
transmission line
projects, comprising of implementation agreement and transmission services agreement (TSA) to provide, inter alia, a legal and contractual framework for the financial closing, engineering, procurement, construction, commissioning, operation, maintenance and transfer on build-operate-own-transfer basis for a term of 25 years,” a statement said.

The National Transmission and Despatch Company (NTDC) will continue to undertake operations and maintenance (O&M) of upcoming transmission lines through its subsidiary pursuant to O&M agreement.  NTDC will also provide land for the projects pursuant to land lease and right of way agreement, the statement said. 

The ECC recognised the contributions and services of Tariq Bajwa, both as an ex-officio participant of the Economic Coordination Committee of the Cabinet, and as a civil servant in various capacities in the federal and provincial governments, including his current role as Finance Secretary. Bajwa will be retiring from civil service on 18th June this year.