The Federal Minister for Finance and Revenue Shaukat Tarin on Wednesday presided over the Economic Coordination Committee (ECC) and approved a summary for the establishment of border markets along Pakistan-Iran border. Furthermore, sales tax exemption of Rs550 million has also been approved for these markets.
According to the Federal Board of Revenue (FBR) sources, this tax exemption will be for one year. These markets will be setup in Panjgur, Mand, Kech, Gabd, Gwadar and Chedgi districts against Rs100 millions each.
In addition to this, an approval of a technical supplementary grant for COVID-19 outbreak was also made. For Frontier Core (FC), a technical supplementary grant of Rs98.7 million has been approved. ECC has also approved a technical supplementary grant of Rs25 million for Pakistan Rangers while a grant of Rs39 million for payment of salaries of the Pakistan Institute of Development Economics has been approved.
The meeting was attended by Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Railways Azam Khan Swati, Federal Minister for Industries and Production Khusro Bakhtyar, Federal Minister for Planning, Development & Special Initiatives Asad Umar, Federal Minister for National Food Security Syed Fakhar Imam, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain and Special Assistant to the Prime Minister on Petroleum Tabish Gauhar.