The last meeting of the Economic Coordination Committee (ECC) of the Cabinet has asked the Finance Division to review a proposal seeking a five percent sales tax exemption on cotton seed cake.
The proposal was submitted by the Ministry of National Food Security and Research and asked for exemption of five percent sales tax on cotton seed cake. The meeting, after a detailed discussion on the matter, referred it to the Finance Division for further examination.
The meeting was chaired by Finance Adviser Dr Hafeez Shaikh, who referred the matter of the five percent sales exemption on cotton seed cake to the Finance Division for examination. Dr Shaikh also asked the Finance Division to submit a report in the next meeting of the ECC.
Earlier, the Ministry of Commerce agreed to send a summary to the ECC for duty free import of cotton after an agreement between the Commerce Advisor and All Pakistan Textile Mills Association (APTMA) to bridging the gap between demand and supply of cotton. The reason for the agreement was the failure of the cotton crop this year.
