ECC to discuss proposed 5% sales tax on cotton seed cake

ISLAMABAD: The Economic Coordination Committee of the cabinet will discuss the proposed five percent sales tax exemption on cotton seed cake in a meeting to be held on Monday. 

The ECC meeting would be held under the chair of Advisor to Prime Minister on Finance and  Revenue Abdul Hafeez Shaikh in which six matters of different ministries would be discussed. 

The meeting would consider the summary of the Ministry of Commerce pertaining to the conversion of Lahore Garment City company’ cash development loan into grant. Similarly, ECC would also take up sovereign guarantees as well as proposed exemption of five percent sales tax on cotton seed cake. Meanwhile, the forum is likely to approve the technical supplementary grant of Rs 96 million to National Book Foundation and Rs 15 million for centralised procurement of ICT infrastructure to ensure e-readiness of federal government for implementation of e- governance System. Document shows that ECC on the request of the Interior Division is likely to grant the TSG amounting Rs458m for payment of troop cost to personel of CAF deployed in UN peacekeeping mission.

Sources said that the meeting would also discuss the rising prices of wheat and is likely to approve the import of wheat without taxes to fulfil the demand.

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