The Economic Coordination Committee (ECC) of the Cabinet has allowed export of 35,000 metric tons of urea to Sri Lanka in addition to extension in the date for export of 41,000 metric tons of urea. Sources said that a meeting of the ECC presided over by the Prime Minister was also requested to extend the deadline for export of 41,000 metric tons of surplus urea till February 28, 2018. The panel was said to be met with two-point agenda, however, another two points were also included for approval.
Sources said that export of 0.6 million tons of surplus urea was allowed till October 2017. However, 0.559 million metric tons urea was exported till the expiry data and 41,000 metric tons could not be exported.
The ECC was requested to extend the export data of 41,000 metric tons urea till February 2018. The meeting also approved export of additional 35,000 metric tons urea to Sri Lanka.
The ECC approved a proposal of allowing United Towel Exporters Limited to remit $8.425 million from its special foreign currency account to acquire 70 percent shares of Vespo Group BV, Netherlands.
The ECC authorized Central Power Purchasing Agency (CPPA) to sign interim agreement regarding revised payment terms for generation electricity on RLNG by four IPPs (M/s Saif Power Ltd, M/s Orient Power Ltd, M/s Saphhire Electric Company Ltd, and M/s Halmore Power Generation Company Ltd).
The meeting was told that these IPPs have dual fuel plants, which can be operated on natural gas as primary fuel and high-speed diesel (HSD) as secondary/alternative fuel. The operations of these IPPs on RLNG would result in significant cost saving each month.
The ECC also approved a proposal for extension in the date for applicability of reduced withholding tax rate @ 0.4% for non-filers till 30th June 2018 under section 236P of the Income Tax Ordinance, 2001.
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