ECC approves import of 180,000MT wheat from Russia

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday gave approval to the import of 180,000 metric tonnes wheat from Russia on a government-to-government basis, waiving all taxes/levies duties on the import.
Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the ECC meeting at the Cabinet Division.
The forum was informed that around 5 million tonnes of wheat was currently available with the public sector.
The officials said around 430,000 tonnes has already been imported by the private sector while another 1.1 million tonnes were expected to be imported by the end of December 2020.
In terms of wheat imported by the public sector, the Trading Corporation of Pakistan (TCP) has already opened a letter of credit for import of 330,000MT wheat, while the corporation is in the process of tendering another 1.2 million tonnes.
Meanwhile, the ECC allowed sales tax exemption on up to 300,000MT sugar to be imported through TCP, besides allowing an amendment to the Revenue Division’s SRO 751(1)/2020, dated August 20, 2020, for the purpose.
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