Abb Takk News

ECC Okays Import of 0.5mn Sugar

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved a reduction in withholding income tax on the commercial import of white and raw sugar from 5.5pc to 0.25pc.

Finance and Revenue Minister Dr Abdul Hafeez Shaikh chaired the ECC meeting on Wednesday, a statement issued by the finance read.

The Ministry of Industries & Production had presented a summary before committee regarding the necessity of sugar import in order to lower the upward trend in sugar prices and to buffer up carryover stocks before the arrival of the fresh crop.

The ECC not only approved the reduction in withholding income tax on commercial import of white and raw sugar, but also removed value-added sales tax on the import of white sugar.

“The reduction in taxes will incentivise sugar mills for the import of 300,000MT raw sugar up to 30th June 2021,” the statement read.