ECC approves regulator amendments in export, import policy orders 2016

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) approved on Tuesday regulatory amendments in the Export Policy Order 2016 and Import Policy Order 2016 as proposed by Commerce Division aimed at increasing ease of doing business.

The meeting of the committee was held here under the chairmanship of Minister for Finance Asad Umar.

The meeting approved the proposal of Commerce Division that duty and taxes on all imported vehicles in new and used condition under personal baggage or gift scheme, will be paid out of foreign exchange arranged by Pakistan Nationals themselves or local recipient supported by bank encashment certificate showing conversion of foreign remittance to local currency.

The ECC also accorded approval for withdrawal of customs duty, additional customs duty and sales tax on import of cotton effective 1st of February till 30th June 2019 to ensure sufficient supply of cotton for the industry.