The Cabinet Committee for Economic Coordination (ECC) has approved Rs 100 crore duty-free for oxygen, oxygen cylinders and cryogenic oxygen tanks in the health sector until June 2022.
The ECC meeting was held on Thursday under the chairmanship of Federal Finance and Taxation Minister Shaukat Tarin.
The Ministry of Industry and Production has proposed that the ECC grant duty and tax exemptions for oxygen, oxygen cylinders and cryogenic oxygen tanks in the health sector for 12 months after the previous exemptions expire in November 2021, the sources said.
Sources said the FBR did not support the proposal to extend the tax holiday for another year in December 2021 due to the revenue impact of Rs 100 crore, but the ministry has received two requests from Maan Enterprises and Denim International, while the NCOC has also To the Ministry of Industry to maintain at all times sufficient medical oxygen reserves (80% of total reserves) for all producers to meet the demand for medical oxygen in the coming days.
According to a handout issued by the Ministry of Finance, the ECC approved duty and tax exemptions for the above-mentioned products for the health sector until June 2022 in response to the fifth wave of Covid in the country.
In addition, the ECC approved an estimate of Rs 1,234.5 crore cost of urea imports by the federal and provincial governments on a cost-sharing basis after reviewing the summary submitted by the Ministry of Industry and Production on the determination of imported urea prices.
Post time: Jul-08-2022