Pakistan imposes 15 pc duty on Sugar Exports
Pakistan Times Business & Commerce Desk

ISLAMABAD: The Economic Coordination Committee, which met in Islamabad with Prime Minister Shaukat Aziz in the chair, imposed 15% regulatory duty on export of sugar to augment its supply in the domestic market.

Briefing newsmen in Islamabad, Advisor to Finance Ministry Dr. Ashfaq Hasan said in the first seven months of the current financial year over forty-five thousand metric tonnes of sugar was exported.

The meeting also approved auto industry policy for new entrants with a view to diversifying the production of vehicles in the country. New companies must have significant global presence with production of five hundred thousand vehicles elsewhere in the world.

The new entrants would be allowed to import 100% CKD (completely knocked down) kits/components at statutory customs duty applicable to the import of components not manufactured locally for three years.

Dr. Ashfaq Hasan said the deletion programme for automobile sector would be discontinued and replaced by the tariff based system.

The ECC approved import of 300 taxi cars in CKD condition on zero duty. Companies bidding for the purpose would have to provide proof that they have the capability to assemble the cabs in the country.

The meeting approved LPG production and distribution policy. It envisages that the LPG marketing companies receiving LPG from sources in Punjab and the NWFP will be obligated to supply at least 7% of their local LPG to Northern Areas and 6% to FATA. Similarly, those receiving LPG from Sindh and Balochistan would supply at least ten percent to Balochistan.

The ECC gave approval for establishment of a dry port at Sukkur.
Dr. Ashfaq Hasan said plant, machinery and equipment imported for installation in earthquake hit areas would be exempted from all import levies. Other plants, equipments and machinery imported for reconstruction of bridges and roads have also been exempted from duty and taxes.

He told newsmen that inflation increased by 6.67% in the first ten months of the current financial year. He compared prices of essential items prevailing in Pakistan with those of the neighbouring countries to show that most of the items were cheaper in our country.

Prime Minister Shaukat Aziz briefed the meeting about his recent four-nation visit and the prospects of trading and commercial relations with them.●