ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) has approved reduction of sales tax by five percent in order to provide relief to masses.
Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh chaired a meeting of the Economic Coordination Committee of the Cabinet (ECC) on Friday to consider various proposals submitted by Ministries/Division.
The committee partially approved adjustments in petroleum products as proposed by Oil and Gas Regulatory Authority (OGRA).
However, it was decided to reduce the sales tax on petrol by 5 percent to provide relief to the consumers.
The reduction will entail a revenue loss of around Rs5 billion to the government.
Industries & Production Division gave presentation to Committee on the findings and recommendations of the Expert Group constituted to work out an operationalisation plan for the revival of Pakistan Steel Mills.
The ECC approved the recommendations of the Ministry and directed that the due process be completed for listing of PSM for privatization with a view to implement the revival plan based on private sector inputs and collaboration.
The ECC approved the proposal of Petroleum Division to allocate gas from Thal East, Bhambhra and Thal West Fields to M/s SSGCL.
Industries Division updated the ECC on Ramazan Relief Package and informed that Utility Stores across the country were being stocked to cater for the Ramazan shopping.
The committee also approved Supplementary Grants and Technical Supplementary Grants for different Ministries/Divisions.
It also approved payment of salaries to Khassadars of South Waziristan.