Daily Times

ISLAMABAD: In order to mitigate exporters’ difficulties and enhance the country’s exports, the Economic Coordination Committee (ECC) has approved proposals regarding the prime minister’s package of incentives for exporters.

The ECC met under the chair of Finance Minister Senator Ishaq Dar at the Prime Minister’s Office in which proposals submitted by different ministries were discussed.

The ECC considered a proposal submitted by the Ministry of Commerce regarding the prime minister’s package of incentives for exporters, and decided to extend the date of submission of claims till September 30, 2017, for shipments/exports made up to June 30, 2017. The ECC had approved the prime minister’s package of incentives for exporters in January 2017, which had been formulated with a view to mitigate exporters’ difficulties and enhance the country’s exports. The ECC approved a proposal of the Ministry of National Food Security & Research to grant extension in the export period of wheat and wheat products beyond March 15, 2017, till August 31, 2017. Only those wheat exporters, who have already shifted wheat from godowns of food departments prior to March 15, 2017, will be allowed to benefit from this extension. The ECC directed that this extension would be allowed subject to verification by the provincial food departments and PASSCO that these exporters had lifted wheat from the godowns prior to March 15, 2017. The ECC also approval another proposal of the Ministry of National Food Security & Research regarding outstanding claims of PASSCO on account of wheat supplied to Afghanistan.

While considering a proposal of the Federal Board of Revenue, the ECC decided to recommend to the federal government to extend the period of applicability of reduced rate of 0.4% on banking transactions of non-filers till September 30, 2017.

The ECC recognised the contributions and services of Tariq Bajwa, both as an ex-officio participant of the ECC and as a civil servant in various capacities in the federal and provincial governments, including his current role as finance secretary. Bajwa will be retiring from civil service on June 18, 2017.