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ECC approves regulatory amendments in Import, Export Policy Order 2016

ISLAMABAD: Economic Coordination Committee has approved that duty and taxes on all imported vehicles in new/used condition under personal baggage or gift scheme, will be paid out of foreign exchange arranged by Pakistan nationals themselves or local recipient.
Meeting of the Committee was held in Islamabad today with Finance Minister Asad Umar in the chair.
The decision has been made after proposal of Commerce Division.
The meeting also approved withdrawal of customs duty, additional customs duty and sales tax on import of cotton with effect from 1st of next month till 30th June this year to ensure sufficient supply of cotton for the industry.
It also approved regulatory amendments in the Export Policy Order 2016 and Import Policy Order 2016 as proposed by Commerce Division aimed at increasing ease of doing business.

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