Important decisions taken in ECC meeting in Islamabad

Important decisions taken in ECC meeting in Islamabad

ISLAMABAD: The Economic Coordination Committee of the Cabinet on Thursday approved the continuation of general subsidy on five essential items through Utility Stores Corporation till 30th of June.

The ECC, which met in Islamabad today with Finance Minister Dr Abdul Hafeez Shaikh in the chair, also approved re-allocation of over Rs2.3 billion for procurement and IT infrastructure for automation of stock management throughout the network of Utility Stores.

ECC approved in principle, with a direction to hold further consultation with the ministry of Information technology and ministry of finance for smooth implementation.

It may be added that the subsidy is being given on five essential items out of funds allocated under Prime Minister’s Relief Package-2020 in the backdrop of COVID-19 pandemic.

Earlier on January 21, in a bid to bring down prices of sugar in the country, the Economic Coordination Committee (ECC) of the cabinet had approved a reduction of withholding income tax on commercial import of white and raw sugar form 5.5 per cent to 0.25 per cent and removal of value-added sales tax on import of white sugar.

The ECC meeting chaired by Minister for Finance and Revenue Dr. Abdul Hafeez Shaikh had directed the Trading Corporation of Pakistan (TCP) to import white sugar upto 500,000 MT if and when needed during the current season.