The Economic Coordination Committee (ECC) of the Cabinet allowed a levy of 10% regulatory duty on the import of Motor spirit.
As per the details, Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the ECC of the Cabinet at the Finance Division.
Ministry of Commerce submitted a summary on levy of regulatory duty on import of Motor Spirit.
It was informed that the import of Motor Spirit (MS) is subject to 10% Customs Duty under the 5th schedule of the customs Act, 1969, but it is subject to 0% under China Pakistan Free Trade Agreement (CPFTA).
That availing of the FTA exemption pays zero customs duty while others pay customs duty at the rate of 10%.
The ECC after discussion, in order to address this anomaly, allowed a levy of 10% regulatory duty on the import of MS. However, where customs duty at the rate of 10% is paid on import of MS, it will be exempted from the levy of regulatory duty.
Ministry of Industries and Production submitted a summary for the release of funds for SSGC for gas supply to Pakistan Steel Mills (PSM).
It was submitted that due to the closure of the production activity in Pakistan Steel Mills(PSM), low flame gas of 2 MMCFD is being supplied to PSM primarily to preserve the Coke Oven Batteries and refractories kilns with an average monthly bill of Rs80 million (Approx.).
The ECC after discussion allowed the release of Rs620.85 million for making payment of 8 months of outstanding gas bills i.e. July 2021 to Feb 2022.
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