ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet under chairmanship of Prime Minister Shahid Khaqan Abbasi on Wednesday approved additional net package of Rs51 billion for providing cash support and slashing down electricity tariff for boosting the country’s exports during next three years.“The overall package will provide incentive to the tune of Rs65 billion, including cash incentive of Rs41 billion, Rs10 billion for industrial support in electricity, Rs12 billion zero-rating packaging material and Rs2 billion import duty waiver, on 255 tariff lines of raw material,” top officials of the Ministry of Commerce told The News after the ECC meeting.The ECC approved extension of Prime Minister’s Export package for the next three years i.e. up to June 30, 2021. The package aims at improving the competitiveness of the textile and non-textile export sector to continue the export growth in the coming financial years.The PM’s Export package was initially approved in January 2017 for a period of 18 months i.e. till June 2018. The package has vitally contributed towards the turnaround in exports in FY-2018 which had been continuously declining since FY-2014. During the first 10 months of the current financial year i.e. July-April 2017-18, the exports have registered an increase of 14 percent compared to the corresponding period of the previous year. It has contributed additional $2.3 billion foreign exchange earnings during this period. The additional gains are estimated to be around $2.7 billion by the end of the financial year 2017-18.Therefore, in order to maintain the growth momentum in exports, the ECC has extended the package for the next three years with improvements. In order to improve competitiveness and incentivise investment in export-oriented production, the Drawback of Local Taxes and Levies (DLTL) has been extended.
05-31-2018, 02:34 PM
ECC approves Rs51b package to boost exports
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