ISLAMABAD: Finance Minister Ishaq Dar chaired a meeting of Economic Coordination Committee of the Cabinet (ECC) at the Prime Minister’s Office on Friday.
After detailed deliberations ECC approved the Automotive Development Policy 2016-21, said a statement issued by the Ministry of Finance. The policy aims to facilitate higher volumes, better investment, enhanced competition and better quality with latest technology. It also aims to create a balance between industrial growth and tariffs to ensure sustainability for all stakeholders. It would also ensure consumer welfare besides aiming at providing policy consistency and predictability for investors. The Automotive Development Policy (ADP) 2016-21 will be formally launched on Monday.
On the proposal submitted by the Ministry of Petroleum and Natural Resources, ECC allowed 45mmcfd raw gas from OGDCL’s Qadirpur Gas Field to be allocated to TNB LPL up to year 2025-26 enabling the plant to continue to provide 211MW net power to the national grid. ECC allowed increase in the limit of the GoP guarantees for PIA from Rs 146 billion to Rs 151 billion to help the national carrier pay its liabilities. The ECC considered and approved the proposal submitted by Ministry of National Food Security and Research for extension in the date for export of wheat/wheat flour till June 15.
On a proposal submitted by the FBR, the ECC approved levy of 15% additional regulatory duty on import of finished iron and steel products till June 30. ECC also approved regulatory duty of 10% on aluminum alloy. On another proposal of Federal Board of Revenue, it gave approval for extension in the date for reduced withholding tax at the rate of 0.4% for non-filers under section 236p of the Income Tax Ordinance, 2001 up to March 31. ECC had detailed discussion on proposal concerning RLNG-based IPPs submitted by Ministry of Water and Power. The forum approved extension in bid submission date for 1000 MW R-LNG based IPPs initiative till April 5.
