Import of 0.2MMTs of urea: TCP may be granted exemption from procurement rules

ISLAMABAD: The federal cabinet is likely to grant exemption from the applicability of Public Procurement Rules, 2004 to the Trading Corporation of Pakistan (TCP) for the import of 200,000 metric tonnes of urea on Wednesday (Nov 15).

The cabinet meeting to be presided over by Caretaker Prime Minister, Anwaar-ul-Haq, is expected to be submitted a proposal by the Cabinet Division requesting grant of exemption from applicability of rules 8, 9, 13, 35, 38, and 40 of Public Procurement Rules, 2004 to the TCP for import of 200,000 metric tonnes of urea.

The meeting is also expected to consider and approve the Federal Board of Revenue (FBR)’s proposal for the imposition of tax on windfall profits of banks earned on foreign exchange transactions during calendar years, 2021 and 2022.

Import of urea exempted from PPRA Rules

Sources said that the cabinet meeting has been convened with six points agenda items including Revenue Division’s tax on windfall profits of banks earned on foreign exchange transactions during calendar years, 2021 and 2022.

They added that the cabinet meeting would also take up the BoI’s proposal for the fifth round of Pakistan GCC FTA negotiation held on 25-28 September 2023 in Riyadh, Kingdom of Saudi Arabia.

The Ministry of Religious Affairs and Interfaith Harmony Hajj Policy -2024 is also on the agenda of the cabinet meeting besides the Commerce Ministry’s agenda item with respect to the committee of the federal cabinet for disposal of statutory functions entrusted to the federal government under the law.

Another agenda items of the cabinet meeting is the Interior Ministry’s proposal for inclusion of countries in Business Visa List (BVL) on Pakistan’s online visa system (POVS) and the Ministry of Kashmir Affairs and Gilgit-Baltistan’s proposal for approval of the J&K State Property Budget for the Council Year 2023-2024

The cabinet meeting would also consider the ratification of the decisions taken by the Economic Coordination Committee (ECC) of the Cabinet in its meetings held on 01-11-2023 and 10-11-2023.

Copyright Business Recorder, 2023