PM chairs ECC Meeting today on various matters

Prime Minister Shahid Khaqan Abbasi chaired a meeting of Economic Coordination Committee (ECC) at Prime Minister’s office today.

The ECC approved a proposal of allowing United Towel Exporters Limited to remit € 8.425m from its special foreign currency account to acquire 70% shares of Vespo Group B.V. Netherlands.

The ECC authorized Central Power Purchasing Agency (CPPA) to sign interim agreement regarding revised payment terms for generation on RLNG by four IPPs (M/s Saif Power Ltd., M/s Orient Power Ltd., M/s Saphhire Electric Company Ltd., and M/s Halmore Power Generation Company Ltd.) These IPPs have dual fuel plants, which can be operated on natural gas as primary fuel and High-speed Diesel (HSD) as secondary/alternative fuel. The operations of these IPPs on RLNG would result in significant cost saving each month.

The ECC permitted extension in the deadline of export of 41,000 MT surplus urea till 28th February 2018. An additional quantity of 35,000 MT urea to be exported to Sri Lanka was also approved.

The ECC also approved a proposal for extension in the date for applicability of reduced withholding tax rate @ 0.4% for non-filers till 30th June 2018 under section 236P of the Income Tax Ordinance, 2001.