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Federal cabinet reduces sales tax to 6% on imported finished articles of textile and leather

Lahore : The federal cabinet, which met here Tuesday with Prime Minister Shahid Khaqan Abbasi in chair, allowed the signing of a memorandum of understanding (MoU) between the Intellectual Property Organization (IPO) of Pakistan and State Intellectual Property  Office (SIPO) of China.

 The enhanced cooperation between IPO-Pakistan and SIPO-China would enable both the organizations to learn from each other’s experiences.  IPO-Pakistan would also learn from China’s rich experience in using the IP system in a balanced and flexible manner that promotes national development and trade while protecting IP rights, according to a press release issued by the PM’s Media Office here.

The cabinet, in its meeting held here at the Prime Minister’s Office, also ratified the Statute of the ECO Regional Centre for Cooperation of the Anti-Corruption Agencies and Ombudsmen (RCCACO).

It approved a proposal by Aviation Division to grant exemption to Pakistan International Airlines Corporation Limited (PIAC) from fee payable @ 0.1% to the Pakistan Stock Exchange Limited (PSX) and supervisory fee payable @ 10% to Securities and Exchange Commission of Pakistan of PSX fee on issuance of additional shares.

Establishment of insurance tribunals at Lahore and Multan was also approved.

The cabinet approved appointment of Air Marshal Ahmer Shahzad as Chairman Pakistan Aeronautical Complex Board Kamra. Extension in contract appointment of Omar Arshad Hakeem, Judicial Member (BS-21) Customs Appellate Tribunal, Bench II Lahore for a further period of two years was allowed by the cabinet.

The cabinet approved a proposal of Law and Justice Division for repatriation of Manoo Mal Khagaija, Judge Banking Court-I Hyderabad, to Sindh High Court and appointment of Syed Nasiruddin Shah, District and Sessions Judge, as Judge Banking Court -I Hyderabad.

The cabinet ratified recommendations of the Cabinet Committee for Disposal of Legislative Cases, which met on 22-09-2017. Decisions taken by the Economic Coordination Committee of the Cabinet in its meeting held on 14-09-2016 were also ratified.

Proposal of Economic Affairs Division for signing of Financial Cooperation Agreement (FCA) 2015 with Germany was approved.

On agreement between the Government of the Russian Federation and the Government of Pakistan on cooperation for the construction of a 600 MW natural gas combined cycle power plant at Jamshoro, the cabinet authorized Power Division to negotiate the details of the draft framework agreement and bring the agreed version before it.

It would also finalize the terms and conditions of the loan in consultation with Economic Affairs Division and Finance Division.

The cabinet approved a proposal of the Revenue Division to amend the Convention of the Avoidance of Double Taxation between Pakistan and Korea.

Amendment to the existing Convention between Pakistan and Qatar for the avoidance of double taxation and Prevention of Fiscal Evasion with respect to Taxes on Income for Updation of Article on Exchange of Information were approved by the cabinet. Furthermore, the cabinet approved amending the existing Convention between Pakistan and Canada for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income for Updation of Article on Exchange of Information.

It also approved amendment in SRO 1125(I)/2011 dated 31.12.2011 allowing reduction in rate of sales tax from 17% to 6% on ready to use imported finished articles of textile and leather, in line with WTO regulations.

Amendment in Import Policy Order with regard to import of beef was also approved. In order to clarify the said commodity in Import Policy Order, the word MBM would be incorporated after the word “meat and bone meal” in the said Policy Order.

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