ECC gives go-ahead to financing for Wah Brass Mills Upgradation Project

November 14, 2017
Samaa Web Desk

ISLAMABAD: Economic Coordination Committee of the Cabinet has approved the proposal for refinancing of the loan for Wah Brass Mills Upgradation Project.

The Committee which met in Islamabad with Prime Minister Shahid Khaqan Abbasi in the chair also discussed the exemption of taxes and duties on Gas Infrastructure Development Projects of Large Diameter Pipelines and referred back matter for discussion among the Finance Division, Federal Bureau of Revenue and Petroleum Division.

Regarding the removal of anomalies and mismatch in withholding income tax and sales tax on LNG transactions, it was decided that the stakeholders would further deliberate the issue and come up with the workable solutions.

The ECC also approved the additional agenda item regarding provision of a guarantee for Issuance of letter of credits by Pakistan LNG Limited up to one hundred fifty million dollars in favour of LNG suppliers. –Samaa/app