Pakistan has experienced a significant surge in wheat imports, totaling $1.05 billion during the period from July to April in the fiscal year 2022-2023.
(more…)Tag: wheat import
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ECC approves import of 550,000MT wheat
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved a summary for import of 550,000 metric tons of wheat for the fiscal year 2021/2022.
Finance Minister Shaukat Tarin presided over the meeting of the ECC.
The ECC approved the summary by the ministry of National Food Security and Research (NFS&R), regarding the award of the fifth international wheat tender to import 550,000 MT (after matching process) of wheat for the FY 2021/2022.
ECC granted approval to the summary presented by the Ministry of Interior for Technical Supplementary Grant amounting to Rs.83.3 million for procuring services from NADRA regarding the project for automation of Power of Attorney (POA) for Overseas Pakistanis. The ECC accorded approval with the direction that MOFA and M/o Interior may hold a joint consultative session to work out modalities in this regard.
Ministry of Industries and Production tabled a summary before ECC regarding the continuation of the Prime Minister’s relief package-2020 for the provision of five essential items on subsidized rates which are scheduled to expire on September 30, 2021. The ECC granted an extension for one month with a direction to present a detailed summary before ECC, keeping in view, international price hike in essential food commodities.
On a summary moved by the Power Division regarding quarterly tariff adjustments of K-Electric, the ECC decided that the Power Division may approach NEPRA to review its earlier decision on the issue and present an updated summary before ECC for consideration.
Power Division tabled another summary regarding levy of Sales Tax on subsidy granted by Federal Government to DISCOs. After seeking input from all concerned, the ECC decided that the matter may be referred to the Law Division for seeking opinion and legal interpretation may be presented before the Committee for further deliberations.
The ECC considered and approved a summary, presented by the Ministry of Information Technology and Telecommunications, regarding revised budget estimates for the FY 2020-21 and FY 2021-22 respectively.
The ECC approved summary by the Power Division regarding approval of payment mechanism for TNB Liberty Power Limited.
The ECC also approved the proposal as part of settlement with other relevant IPPs.
Lastly, on a summary moved by the M/o Industries and Production, the ECC approved a tender for import of 100,000 MT of urea for building strategic reserves of urea fertilizer during the Rabi season FY 2021-22.
The meeting was attended by Federal Minister for Planning Asad Umar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Interior Sheikh Rasheed Ahmad, MOS for Information Farrukh Habib, Federal Secretaries, Chairman FBR and other senior officers.
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ECC stresses commodities stocks amid Afghan situation
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday emphasized the importance of building strategic reserves of commodities in wake of evolving situation in Afghanistan.
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FBR exempts withholding tax on wheat import
In a move to facilitate the import of essential commodities, the Federal Board of Revenue (FBR) issued a notification on Tuesday, exempting withholding income tax on the import of 300,000 metric tons of wheat.
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FBR to notify withholding tax exemption for wheat import
ISLAMABAD: Federal Board of Revenue (FBR) soon to issue exemption from withholding tax on import of wheat in order to ensure availability of the commodity in the country.
Omar Hamid, Secretary Ministry of National Food Security and Research (NFS&R), said while chairing a meeting on wheat import on Monday.
He said that taxes and duties have already been abolished by the federal government including, regulatory duty 60 percent, custom duty 11 percent, sales tax 17 percent and withholding tax 06 percent.
“The waiver of withholding tax will be notified in matter of days,” he added.
He said that private wheat importers would be given priority.
Secretary NFS&R was of the point of view that legitimate concerns of importers will be solved at the earliest.
He mentioned that NFS&R is working in PM Imran Khan Direction of to ensure uninterrupted supply countrywide. NFS&R will help wheat importers at all levels.
So that ultimately public can get wheat at affordable price. NFS&R is facilitating wheat importers by helping them in priority berthing, storage,multiple ports and clearances on the landing of shipment.
He said that imported wheat is exempted from the Anti- Hoarding Act imposed by the provincial governments on producing verified import record by the importers.
The meeting was attended by wheat importers, representatives from NFS&R, Ministry of Maritime Affairs, FBR and Finance Division.
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Regulatory duty on wheat import withdrawn; SRO issued
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued notification to withdraw regulatory duty on import of wheat and other wheat products.
The Revenue Division issued SRO 119(I)/2020 dated February 19, 2020 to amend SRO 680(I)/2019 to withdraw regulatory duty on import of wheat.
The government imposed 60 percent regulatory duty on import of wheat, which has been withdrawn through the latest SRO.