ECC approves tax proposals for non-resident companies, gas subsidy of Rs 5.85bln for fertilizer industry

ADVISER TO THE PRIME MINISTER ON FINANCE & REVENUE, DR. ABDUL HAFEEZ SHAIKH CHAIRING MEETING OF ECONOMIC COORDINATION COMMITTEE (ECC) OF THE CABINET IN ISLAMABAD ON SEPTEMBER 04, 2019.

ISLAMABAD, Sep 4 (APP):The Economic Coordination Committee (ECC) of the Cabinet Wednesday approved separate proposals for simplification of tax regime for non-resident companies investing in the local debt market, revision of cess rate on tobacco for the year 2019-20 and payment of outstanding amount of Rs 5.85 billion as gas subsidy to the fertilizer industry.

The approvals were given at an ECC meeting which met here with Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in the chair.

The ECC was also briefed on the wheat situation in the country and it was pointed out that while prices were stable in most parts of the country, there were certain areas and places such as Karachi where the wheat and flour prices had escalated.