PM Abbasi chairs ECC meeting

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Monday chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the PM Office wherein different agenda items on various subjects were discussed.

According to a PM Office statement, the meeting approved the proposal for refinancing of the loan for Wah Brass Mills Upgradation Project.

While discussing the exemption of taxes and duties (Gas Infrastructure Development Projects of Large Diameter Pipelines) relating to Petroleum Division, the committee referred back matter for discussion among the Finance Division, Federal Bureau of Revenue (FBR) and Petroleum Division. The objective is to sort out the issues that need to be brought before the ECC in its next meeting.

Regarding the removal of anomalies and mismatch in withholding income tax and input / output sales tax on LNG / RLNG transactions, it was decided that the stakeholders would further deliberate the issue and come up with the workable solutions, including the proposal for legislation, if required.

The ECC also approved the additional agenda item regarding provision of a guarantee for Issuance of letter of credits by Pakistan LNG Limited (PLL) up to US$ 150 million in favour of LNG suppliers.

FBR explains filing of returns to FFC employees

ISLAMABAD: Facilitation and Taxpayer Education (FATE) Wing of the Federal Board of Revenne (FBR) and Fauji Fertilizer Company (FFC) jointly conducted an extensive training-cum-facilitation workshop on ‘Filing of Income Tax returns’ for the FCC employees at its plant in Mirpur Mathello and Machi Goth.

A two-member FBR team led by Dr. Tauqeer Ahmad, Commissioner Regional Tax Office (RTO) Hyderabad visited the FCC plants at Mirpur Mathello and Machi Goth and conducted the workshop aimed at explaining the advantages and procedures of filing Income Tax return and becoming part of the Active Taxpayer Lists (ATL), according to press statement issued by FBR here.