• ECC Satisfied Over Sufficient Stock of Sugar

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    ECC Satisfied Over Sufficient Stock of Sugar File Photo ECC Satisfied Over Sufficient Stock of Sugar

    The Economic Coordination Committee of the Cabinet (ECC) was informed that there were sufficient stocks of sugar in the country to meet demand during Ramzan.

    Its meeting was held in Islamabad today with Prime Minister Shahid Khaqan Abbasi in the chair.

    The ECC was informed that 4.35 million metric tons sugar stock is available with monthly consumption standing at 0.433 MMT per month.

    It accorded ex-post facto approval 7.34 billion rupees paid during previous years to Oil Marketing Companies against their Price Differential Claims in order to provide relief to consumers through subsidizing imported petroleum products. These claims have been duly verified and audited.

    Earlier on April 27, ECC approved Landmark incentive package for setting up new state-of-the-art Deep Conversion Oil Refinery Projects.

    It would be applicable to expansion of existing refineries of minimum 100,000 barrels per day capacity, beside PARCO Coastal Refinery Project.

    The incentive package includes 20 years income tax holiday, exemption from all duties, taxes, surcharges and levies on import, by the Refinery Project.

    It also includes exemption from withholding tax and all other duties, taxes, surcharges, levies and import relating to foreign contractors and subcontractors and their personnel.

    Similarly, sales tax and excise duty on supply of locally manufactured building and construction of material, equipment and service for setting up of Refinery would also be exempted. New Refinery projects would be given a pricing mechanism which would be no less favorable than the prevailing mechanism.

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