Share this story!            

ECC to take important decisions at today’s meeting

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet is all set to accord approval to subsidizing the KESC tariff determined by the National Electric Power Regulatory Authority (NEPRA), the export of wheat flour and fix a new issue price of wheat for the year 2005-06 on Friday, a senior government official told the Daily Times on Thursday.

The ECC meeting will be presided over by Prime Minister Shaukat Aziz and will take up a 14-point economic agenda. The ECC is expected to approve measures to facilitate the donors, relief organizations and NGOs to carry out relief operations in the earthquake-affected areas.

The ECC will examine the ministry of commerce’s proposal for export of wheat flour manufactured from imported wheat by the private sector and re-export of imported wheat flour without payment of 15% regulatory duty.

The ECC is expected to approve the determination of issue price for wheat for the year 2005-06. The new issue price would be more than the existing price and would be used for releasing wheat from state reserves to the flour mills.

The ECC is also expected to approve the National Policy of Power Co-Generation by Sugar Industry, based on incentives for the industry for generating required power for the country. The ECC will approve an amendment to the section 40 of the Income Tax Ordinance of 2001 to determine the applicability of the section 40 with effect from July 1, 2005 and exemption from the period before June 30, 2005.

The ECC will also review the availability of urea fertilizer in the country and it is expected that the ECC will allow the import of 250,000 ton urea for the Rabi season. The meeting will also relax the re-lending terms for Italian soft loan of 7.75 million euros for small and medium enterprises’ promotion in Pakistan.

The ECC will also approve the provision of state credit for BMRE of Carew and Company Sugar Mills in Bangladesh. The ECC will also approve the summery submitted by the Privatization and Investment Division relating to royalty, franchise and technical fees in the service and social sectors. The meeting will also approve the deferment of taxes and duties on plants and machinery imported by Zaman Cement Company Limited, Khushab.

The meeting is also expected to approve the reduction in withholding tax on import of re-meltable and re-rollable scrap and lentils to bring down their prices to a reasonable level. The ECC will also take up the issue of KESC tariff that was determined by NEPRA to save the KESC consumers from any increase in tariff. The ECC will approve the subsidization of KESC tariff.

The Statistic Division will present its report relating to the Sensitive Price Indicator (SPI) for the week ended Oct 6 and the Planning and Development Division will also present up and downward trends of prices of important consumer items at the meeting. The ministry of commerce will present imports and exports position, the Central Board of Revenue will brief the meeting on revenue collection and the State Bank of Pakistan will submit the foreign exchange reserves’ position during July-September period of the current fiscal. staff report

Home | Business

Share this story!