ECC allows import of 0.18 million tons wheat from Russia

ISLAMABAD:The Economic Coordination Committee (ECC) of the Cabinet Friday approved the summary for importing 180,000 metric tons of wheat from Russia on government to government (GTG) basis, waiving off all taxes/levies duties on these imports.

The meeting of ECC was chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh, according to press statement issued by the Finance ministry here.

According to the statement, the forum was informed that about 5 million tons of wheat were available with the public sector in stocks.

In terms of import 430,000 tons has already been imported by the private sector and another 1.1 million ton was expected to be imported by the end of December 2020.

In terms of wheat import by the public sector, Trading Corporation of Pakistan (TCP) has already opened an LC for importing 330, 0000 MT of wheat while TCP is in the process of tendering another about 1.2 million tons while another 180,000 tons are imported through GTG arrangement from Russia.

The cabinet committee allowed the exemption from sales tax on supply of sugar imported through Trade Corporation of Pakistan of upto 300,000 MT and allowed the amendment of SRO 751(1)/2020 dated August 20, 2020 of the Revenue Division for the purpose.