The Economic Coordination Committee (ECC) chaired by Federal Minister for Finance Dr Abdul Hafeez Sheikh will meet today (Thursday) to consider a six-point agenda while important decisions are also expected.
According to local media, the Economic Coordination Committee (ECC) will approve the five-year textile policy in its fast-paced meeting on Thursday. Final approval of the textile policy will be sought from the federal cabinet.
Sources said that incentives have been provided in the textile policy for revival of the industry while special measures are also likely to be taken for revival of closed textile mills and concession in textile export industries.
According to sources, govt. has a special package for setting up a new textile mill. Due to lack of effective textile policy 200 mills were closed in the past. A five-year policy has been prepared on the directive of the Prime Minister. It is possible to get tax exemption on import of goods while immigration and customs clearance of Pakistani pilgrims will now be at local airports. Like Islamabad, it is proposed to provide the facility at Karachi, Lahore, Peshawar and Quetta airports. Duties and tax exemptions on commercial imports are likely to be approved as well while holding tax is proposed to be reduced from 5.5 to 0.25 percent and value-added sales tax to 3 percent.
More details about the important decisions taken by the ECC will be published later today.