ISLAMABAD: Economic Coordination Committee ( ECC) has rejected a proposal presented for the increase of sales tax on sugar, SAMAA reported today.
According to sources, ECC declared, after rejecting the proposal, that the increase of sales tax on sugar will further multiply the troubles of people.
The sources further added that Economic Coordination Committee has instructed to the Trading Corporation of Pakistan, to import 50 thousand tons sugar at its earliest.
Sources also told that the decision on new formula for the increase of petroleum products has been postponed. SAMAA
Earlier the ECC meeting was held in Islamabad. During the meeting a new formula for petroleum product prices was presented in cabinet meeting of Economic Coordination Committee (ECC) here on Tuesday. The ECC meeting was headed by Finance Minister Dr. Abdul Hafeez.
Sources told that ECC reviewed to authorize oil distribution companies, the allocation of petroleum products’ prices. Ministry of petroleum also advised ECC to raise deemed duty on refineries from 5pc to 7pc.
Committee also discussed increase of sales tax on sugar while official of Trading Corporation of Pakistan (TCP) gave briefing on sugar stock and increase of its import.
The approval of additional charges for transportation of imported urea from Gwadar Port and gas curtailment and consequent implications for the fertilizer sector was also discussed during the meeting.
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