February 14, 2024 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has streamlined the process for determining the 25% sales tax rate on locally manufactured and assembled vehicles, approving a proposal from the Federal Board of Revenue (FBR).
The board submitted the proposal regarding “Rationalization of Criterion of Enhanced Rate of 25% Sales Tax on Locally Manufactured/ Assembled Vehicles (PCT87.03).”
The Finance Division sought “Approval of Share Subscription Agreement (SSA) of National Credit Guarantee Company Limited (NCGCL)” from the forum. The ECC approved the proposal for the signing of SSA between NCGCL, Karandaz and the Government of Pakistan through the Ministry of Finance.
Ministry of Commerce presented a summary regarding amendments in “SRO 760(I)/2013-Import and Export of Precious Metal Jewellery and Gemstones Order, 2013” and “Import Policy Order 2022- Serial No. 16 of Part II, Appendix-B”.
The committee agreed to the proposals in principle and directed that a committee comprising representatives of the Ministry of Commerce, Ministry of Law, FBR and SECP may formulate detailed proposals for this export-oriented policy reform targeting the opening up of the service sector.
The ECC also approved the summary of the Intelligence Bureau for “Provision of Additional Funds of Rs.125 Million during the Current Financial Year” to meet the increasing requirements of the Bureau vis-a-vis operations against terrorists and anti-state elements.
The summary of the Finance Division regarding “Approval of Technical Supplementary Grant for Provision of Rupee Cover for Remaining Funds amounting to Rs7.62bn of 1st Tranche of Credit Lines of $85m obtained from the World Bank” was approved by ECC.
