Published On: Fri, Feb 19th, 2016
Published in Category: Islamabad

ECC meets; FBR proposal regarding continuation of reduce rate of WHT approved

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Islamabad: The Federal Minister for Finance Senator Mohammad Ishaq Dar on Thursday chaired the meeting of the Economic Coordination Committee of the Cabinet (ECC) at the Prime Minister’s Office.

According to press release, ECC has approved proposal of the Federal Board of Revenue regarding continuation of the reduced rate of 0.3% WHT on non-filers under section 236P of the Income Tax Ordinance, 2001, till the 29th of February 2016.

ECC also approved the reallocation of 60MMCFD Mari shallow gas to its original allotees (Fauji Fertilizers, Fatima Fertilizers and Engro Fertilizers) with effect from 22nd February 2016. ECC approved the proposal submitted by the Ministry of Industries and Production for granting waiver of the outstanding amount of Rs. 51.50 million as loan from the Federal Government to Shahdadkot Textile Mills as the unit has been liquidated and the Liquidator has settled the claims of Preferential creditors as per the availability of funds/sales proceeds. The approval for the liquidation process was granted by the Sindh High Court.

On the proposal moved by the Ministry of Petroleum and Natural Resources for the Deregulation of the CNG prices, ECC constituted a Committee comprising of Special Assistant to the Prime Minister on Human Rights, Secretary Petroleum, Secretary Finance, Secretary Law, Chairman FBR and Chairman OGRA.

The committee will thoroughly look into all aspects of the proposal and give its recommendations to the ECC for a final decision.

ECC also approved the proposal of Ministry of Water and Power regarding the Supplemental Agreement for projects in the private sector under the China Pakistan Economic Corridor (CPEC) frame work agreement. Under the arrangement a revolving account (equal to 22% of monthly invoicing) shall be opened and maintained by the power purchaser for which the Ministry of Finance will provide the guarantee to fund such revolving account in case the power purchaser fails to place and or maintain the required fund in such account.} else {