ECC approves regulatory amendments in Export and Import Policy

ECC approves regulatory amendments in Export and Import Policy

ISLAMABAD: The Economic Coordination Committee on Tuesday approved regulatory amendments in the Export and Import Policy Order 2016 to increase ease of doing business in Pakistan.
The committee, which met in Islamabad with Finance Minister Asad Umar in the chair, took a number of important decisions on the proposal of the Commerce Division.
It approved a proposal by the 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 Pakistani nationals themselves or local recipients supported by bank encashment certificate showing conversion of foreign remittance to local currency.
The ECC also approved withdrawal of customs duty, additional customs duty and sales tax on import of cotton effective from February 1 till June 30, 2019 to ensure a sufficient supply of cotton for the industry.

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