ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has approved procurement of 120,000 metric tons of wheat to build strategic reserves during the current financial year.

The ECC, which met in Islamabad on Thursday with Finance Minister Shaukat Tarin in the chair, also approved exemption of taxes and duties on import of auto disable syringes and raw materials-products for local manufacturing of auto disable syringes.

The Economic Coordination Council (ECC) in its last meeting had approved the import of 200,000 tonnes of sugar. The Trading Corporation of Pakistan was tasked with importing 200,000 tonnes of sugar.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Interior Sheikh Rasheed Ahmed, Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Maritime Affairs Syed Ali Zaidi, Federal Minister for Railways Azam Khan Swati, MOS on Information Farrukh Habib, SAPM on Power and Petroleum Tabish Gauhar, Governor State Bank Dr. Reza Baqir, Federal Secretaries, Chairman FBR and other senior officers participated in the meeting.

Ministry of Maritime Affairs presented a summary regarding revision in tariff enabling Fauji Oil Terminal & Distribution Company (FOTCO) to meet operating and maintenance expenses which were approved in the year 2000, for the period of the 20 years, but not revised. After due deliberation, the Committee approved the revision in tariff for FOTCO, locked for 5 years, to be paid in equivalent Pak rupees. The ECC constituted a sub-Committee comprising representatives of M/o Petroleum, OGRA, PSO, M/s A.F Ferguson, M/o Maritime Affairs and Finance Division to be headed by Chairman Deputy Chairman Planning to decide about tariff differential accumulated between 2012 to 2020.

Ministry of Maritime Affairs tabled another summary regarding relaxation to 19 subsidiary companies of PNSC under Public Sector Companies (Corporate Governance) rules. The ECC approved relaxation in rules till June, 2021 with a direction to explore the option of formulating independent boards for the subsidiaries to be headed by CEO as per the principles of corporate governance.

The ECC considered and approved summary presented by the Ministry of National Health Services regarding exemption from taxes and duties on import of auto disable syringes and raw materials-products for local manufacturing of auto disable syringes enabling transformation from conventional to auto disable syringes.

Chairman FBR presented a summary to strengthen Inland Revenue Enforcement Network (IREN) to combat tax evasion and leakages of duties payable on specified goods through enforcement of Track & Trace system. The IREN will also check the goods supplied out of erstwhile FATA/PATA areas for ascertaining validity and conformity. The ECC considered and approved the summary.

In his remarks, the Finance Minister, as a Chairman of ECC, stated that FBR will create goodwill and avoid harassment in enforcement of rules and regulations for collection of taxes and duties. At the same time, FBR will take firm action to prevent tax evasion and broaden tax base to contribute into the national exchequer. A proper system of check and balance will be followed. The Minister urged FBR to use latest technology based solutions for tax collection to reduce reliance on traditional enforcement methodology.

On the recommendation of the Ministry of National Food Security and Research, the ECC approved the tender for procurement of 120,000 MT of wheat in compliance with the directive of the Cabinet to procure 04 million metric ton of wheat to build strategic reserves during the current financial year. The ECC urged the Chairman, TCP to expedite efforts for importing wheat to stabilize local prices and to ensure smooth supply of wheat across the country. The Committee also directed Chairman, TCP to present a detailed report to Adviser on Commerce regarding timeline of wheat import and other requisite details at the earliest.