Staff Report
ISLAMABAD:
Federal cabinet’s Economic Coordination Committee (ECC) has approved a tender to procure 120,000 MT of wheat to meet need of the country.
On the Ministry of National Food Security and Research recommendation, the ECC approved the tender for procurement of 120,000 MT of wheat in compliance with the directive of the Cabinet to procure 04 million metric tons of grain to build strategic reserves during the current financial year.
The ECC urged the Chairman, TCP, to expedite efforts for importing wheat to stabilize local prices and to ensure a smooth supply of grain across the country. The Committee also directed Chairman TCP to present a detailed report to Adviser on Commerce regarding the timeline of wheat import and other requisite details at the earliest.
Federal Minister for Finance and Revenue, Mr Shaukat Tarin, presided over the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division today.
Ministry of Maritime Affairs presented a summary regarding revision in tariff enabling Fauji Oil Terminal & Distribution Company (FOTCO) to meet operating and maintenance expenses, which were approved in 2000 for 20 years but not revised.
After due deliberation, the Committee approved the revision in tariff for FOTCO, locked for 5 years, to be paid in equivalent Pak rupees. The ECC constituted a sub-Committee comprising M/o Petroleum, OGRA, PSO, M/s A.F Ferguson, M/o Maritime Affairs, and Finance Division to be headed by Chairman Deputy Chairman Planning to decide about tariff differential accumulated between 2012 to 2020.
Ministry of Maritime Affairs tabled another summary regarding relaxation to 19 subsidiary companies of PNSC under Public Sector Companies (Corporate Governance) rules.
The ECC approved relaxation in rules until June 2021 with a direction to explore the option of formulating independent boards for the subsidiaries to be headed by the CEO as per corporate governance principles.
The ECC considered and approved the summary presented by the Ministry of National Health Services regarding exemption from taxes and duties on import of auto-disable syringes and raw materials-products for local manufacturing of auto-disable syringes enabling the transformation from conventional to auto-disable needles.
Chairman FBR presented a summary to strengthen the Inland Revenue Enforcement Network (IREN) to combat tax evasion and leakages of duties payable on specified goods through enforcement of the Track & Trace system.
The IREN will also check the goods supplied out of erstwhile FATA/PATA areas for ascertaining validity and conformity. The ECC considered and approved the summary.
In his remarks, as a Chairman of ECC, the Finance Minister stated that FBR would create goodwill and avoid harassment in the enforcement of rules and regulations for the collection of taxes and duties.
At the same time, FBR will take firm action to prevent tax evasion and broaden the tax base to contribute to the national exchequer. FBR will follow a proper system of checks and balances. The Minister urged FBR to use the latest technology-based solutions for tax collection to reduce reliance on traditional enforcement methodology.
