ECC removes 5pc duty on cotton yarn imports

By: INP      Published: 11:27 PM, 2 Dec, 2020
ECC removes 5pc duty on cotton yarn imports

The Economic Coordination Committee (ECC) of the Cabinet Wednesday abolished 5 percent regulatory duty on import of cotton yarn till June 30, 2021 to enhance value-added exports from the country.

The approval was given after detailed discussion on the proposal of Ministry of Commerce, according to press statement issued by the Finance Ministry.

The ECC meeting was chaired by Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh.

The Ministry of Commerce submitted another summary to re-consider the earlier decision taken by ECC dated on October 19, 2020 regarding procedure for registration under concessionary regime of electricity, RLNG and Gas in export-oriented sectors (erstwhile zero-rated sectors).

After due deliberation, the Chair directed to maintain status quo with a condition that the Federal Board of Revenue (FBR) would register new manufacturers or exporters in five export-oriented sectors (erstwhile five zero-rated sectors) in coordination with the Ministry of Commerce till June, 2021.