ECC allows withdrawal of duties on imported cotton from January 15.
ISLAMABAD -- Under the Chairmanship of the Adviser to the Prime Minister on Finance, the Economic Coordination Committee of the Cabinet (ECC) decided to withdraw the 3% regulatory Duty, 2% additional Customs Duty and 5% Sales Tax on the imported cotton from January 15, 2020.
The decision was taken in the light of the information provided to the ECC after the first Cotton Crop Assessment Committee's meeting held on October 4, 2019, in which it was briefed that against the target production of 15 million bales of cotton for FY 2019-20, the cotton production at the year end would be 10.20 million bales, said a press release issued here.
The chair was briefed that the bulk of the cotton would be lifted from the local farmers by January 1, 2020 and the given exemption would not adversely affect the interests of the local farmers.
On the other hand, it was also assured by the Ministries of Commerce and National Food Security and Research that the import shall facilitate the textile sector exports which were showing a rising trend.
The chair, in the interest of the Local farmers directed the Ministry of National Food Security and Research to devise a comprehensive policy in consultation with all the relevant stakeholders which could help in improving the production of cotton locally and serve the interests of the local farmers. The chair directed that the policy shall be presented within one month's time to the ECC.
The ECC also approved the Technical Supplementary Grant of Rs.6.210 billion during current financial year 2019-20 for recurring cost of Special Security Division North of Pakistan Army. Two other Technical Supplementary Grants were also approved for internal...
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