ECC Approves Regulator Amendments In Export, Import Policy Orders 2016

The Economic Coordination Committee of the Cabinet (ECC) approved on Tuesday regulatory amendments in the Export Policy Order 2016 and Import Policy Order 2016 as proposed by Commerce Division aimed at increasing ease of doing business

ISLAMABAD, (UrduPoint / Pakistan Point News - 15th Jan, 2019 ) :The Economic Coordination Committee of the Cabinet (ECC) approved on Tuesday regulatory amendments in the Export Policy Order 2016 and Import Policy Order 2016 as proposed by Commerce Division aimed at increasing ease of doing business.

The meeting of the committee was held here under the chairmanship of Minister for Finance Asad Umar.

The meeting approved the proposal of Commerce Division that duty and taxes on all imported vehicles in new and used condition under personal baggage or gift scheme, will be paid out of foreign exchange arranged by Pakistan Nationals themselves or local recipient supported by bank encashment certificate showing conversion of foreign remittance to local Currency.

The ECC also accorded approval for withdrawal of customs duty, additional customs duty and sales tax on import of cotton effective 1st of February till June 30, 2019. The step is aimed at ensuring sufficient supply of cotton for the textile industry, especially its export segment.

ECC discussed and approved another proposal from Ministry of Commerce and Textile to clear outstanding claims of drawback of local taxes and levies (DLTL) under the exports incentive scheme announced by the Government in Finance Act 2014-15.

The ECC decided that cases which were submitted in time but have been pending due to want of funds, will be entertained by the government.