ISLAMABAD: Regulatory amendments in the Export and Import Policy Order 2016 were approved by the Economic Coordination Committee (ECC) on Tuesday in order to improve east of doing business in the country.
The decision was made during a meeting of the ECC chaired by Finance Minister Asad Umar.
A number of other decisions were made during the meeting as well.
The ECC approved a Commerce Division proposal to ensure that taxes and duty paid on all imported vehicles be paid from foreign exchange arranged by Pakistani nationals or local recipients. The proposal said that local recipients must have a bank encashment certificate detailing the conversion of currency. Further, the proposal was applicable on both used and new vehicles whether as gift items or as part of personal baggage.
In addition, to ensure sufficient provision of cotton supply to the country’s industry, the ECC withdrew customs duty, additional customs duty and sales tax on cotton import. The new policy regarding cotton imports will be effective from February 1 to June 30.