ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet allowed import of 180,000 metric tons of wheat from Russia on government-to-government (GTG) basis by waiving off all taxes/levies and duties on import of the GTG wheat.
The meeting presided over by Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh was informed that about five million tons of wheat was available with the public sector in stocks.
An official said that the last meeting of the ECC directed the Ministry of National Food Security to provide accurate stock position as there was inconsistency in the figures of various departments with respect to total stock position of wheat in the country.
The official added that the adviser on finance had also directed the Food Ministry to make sure that the market should be flooded in case of excessive import of wheat.
The meeting was informed that 430,000 tons of wheat had already been imported by the private sector and another 1.1 million ton was expected to be imported by the end of December 2020.
While with regard to wheat import by the public sector, the ECC was told that Trading Corporation of Pakistan (TCP) had already opened an LC for importing 330,0000 metric tons of wheat, while TCP is in the process of tendering another about 1.2 million tons. Another 180,000 tons are imported through GTG arrangement from Russia, the meeting was informed.
The ECC also decided to exempt sales tax on supply of imported sugar through Trading Corporation of Pakistan of up to 300,000 MT, and allowed the amendment of SRO 751(1)/2020 dated August 20, 2020, of the Revenue Division for the purpose.
Copyright Business Recorder, 2020
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