Federal Minister for Industries and Production Hammad Azhar said on Friday that the Economic Coordination Committee (ECC) has approved the reduction in taxes on imported sugar.
Hammad Azhar said that the decision will facilitate private sector for sugar import besides bringing improvements in the country’s sugar reserves and availability in markets.
The tax volume has been reduced to 1 per cent from 17 per cent, whereas, the value-added tax is reduced to zero from 3 per cent and the withholding tax is fixed up to 0.25 per cent. The renewed taxation policy was approved for a limited period and a specific quantity of sugar import.
Moreover, Trading Corporation of Pakistan (TCP) has been directed to take necessary steps and finalisation of tenders within one week, he added.