ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Thursday approved the proposal of the Federal Board of Revenue (FBR) regarding continuation of 0.3 percent withholding tax on non-filers under Section 236-P of the Income Tax Ordinance, 2001 till end of February.
The ECC, which was chaired by Finance Minister Ishaq Dar, approved reallocation of the 60MMCFD Mari shallow gas to its original allotees (Fauji Fertilisers, Fatima Fertilisers and Engro Fertilisers) with effect from February 22. The ECC approved the proposal submitted by the Ministry of Industries and Production for waiver of the outstanding amount of Rs51.50 million as loan from the federal government to Shahdadkot Textile Mills because the unit has been liquidated and the liquidator has settled the claims of preferential creditors as per availability of funds and sales proceeds.
The Sindh High Court granted the approval for the liquidation process.
On the proposal moved by the Ministry of Petroleum and Natural Resources for deregulation of the CNG prices, the ECC constituted a committee consisting of the special assistant to the prime minister on human rights, petroleum secretary, finance secretary, law secretary, FBR chairman and the chairman of the Oil and Gas Regulatory Authority (OGRA). The committee will look into all aspects of the proposal and give its recommendations to the ECC for the final decision.
The ECC also approved the proposal of the Ministry of Water and Power regarding the supplemental agreement for projects in the private sector under the China-Pakistan Economic Corridor (CPEC) framework agreement. Under the arrangement, a revolving account (equal to 22% of monthly invoicing) shall be opened and maintained by the power purchaser for which the Ministry of Finance will provide the guarantee to fund such revolving account in case the power purchaser fails to place or maintain the required fund in the account.
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