Finance Minister Asad Umar to chair ECC meeting today

Several key decisions are expected to be taken during today's meeting of Economic Coordination Committee (ECC), which will be chaired by Federal Finance Minister Asad Umar.

The committee is expected to increase price of electricity by Rs 2 per unit. Meanwhile, Nepra, the power regulatory authority, has suggested a price hike of over three rupees.

The previous ECC meeting was held last week, during which the committee decided to increase gas prices for all the sectors, including domestic, from 10 to 143 percent to bridge deficit of two gas companies by Rs 94 billion.

The increase will reduce the revenue shortfall of companies from Rs 152 billion to Rs 58 billion, said Minister for Petroleum and Natural Resources Ghulam Sarwar Khan while talking to the media.

Meanwhile, the finance minister expressed on Monday satisfaction over the 'charter of economy' proposal floated by leader of opposition in the National Assembly Shahbaz Sharif during his debate on the Finance Supplementary (Amendment) Bill, 2018.

Speaking on the floor of National Assembly, he said the committees of the Parliament work on the non-partisan basis, so consensus on the national issues like ‘charter of economy’ could be developed through the platform.

The finance minister also expressed his willingness to consider amendment in the Finance Bill to withdraw incentives like purchase of property and cars to non-filers of tax returns. He said that there was a difference of opinion on the issue, but the government would come up with a workable solution on it.

“We are ready for modification in the finance bill,” he said, clarifying that the government has imposed indirect taxes on the luxury vehicles and imported food items being consumed by the well-off people.