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July 4, 2021
A bluff is “an attempt to deceive someone into believing that one can or is going to do something.” A policy is a “course or principle of action adopted or proposed by an organisation or individual.” In the “card game of poker, a bluff is a bet or raise made with a hand which is not thought to be the best hand. To bluff is to make such a bet. The objective of a bluff is to induce a fold by at least one opponent who holds a better hand.”
Bluff number 1: Budget 2021-22 – Tax Revenue (FBR) of Rs5,829 billion. According to the FBR, it has collected Rs4.7 trillion in the outgoing fiscal year. Can the FBR collect a wholesome 24 percent more next year, especially when the Ministry of Finance claims that there are going to be ‘no new taxes’? For the record, the FBR would need to collect a colossal Rs1,100 billion more than last year in order to meet the new target. Is there a policy, course or principle of action that has been adopted or proposed by the Mini
ECC waives up to 10% import duties
Diverts Rs11.7b from Covid-related budget for constructing hospitals in Punjab
The ECC was informed that this year the cotton production is estimated at 7.7 million bales and the country needs to import up to six million bales. PHOTO: PID
ISLAMABAD:
The government on Wednesday approved to divert Rs11.7 billion from Covid-19 related budget for construction of hospitals in Punjab amid its inability to lay an infrastructure to cope with the growing patients of the respiratory disease.
The Economic Coordination Committee (ECC) of the cabinet allowed diverting Rs11.7 billion from Covid-19 budget for mother and child care hospitals. The ECC also waived up to 10% import duties to reduce the cost of cotton yarn import after the government could not develop a national consensus to allow cheaper imports from India.
• Customs duty on cotton yarn imports withdrawn
• Kapco removed from privatisation list
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday exempted three Punjab-based power plants of 3,900 megawatts from compulsory purchases of liquefied natural gas (LNG) quantities from January 2022, removed a major power plant from privatisation list and withdrew customs duty on import of cotton yarn.
The meeting presided over by Minister for Finance, Revenue, Industries and Production Muhammad Hammad Azhar also approved a Rs11.7 billion supplementary grant for financing four mother and child hospitals in Punjab.
Already cleared by the Cabinet Committee on Energy (CCoE) in September last year, the Power Division presented a summary regarding waiver of minimum 66pc take-or-pay commitment in Power Purchase Agreements (PPAs) and Gas Supply Agreements (GSAs) of three RLNG-based public sector power plants. Located in Punjab, these plants included Quaid-e-Azam Ther
ECC withdraws customs duty on cotton yarn imports
Business
April 15, 2021
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday withdrew customs duty on import of cotton yarns and waived 66 percent take-or-pay commitment in power purchase and gas supply agreements for three public sector RLNG-based plants.
The decisions were taken during a meeting presided over by the Minister for Finance, Revenue, Industries and Production Hammad Azhar. The committee approved the withdrawal of customs duty to ensure smooth supply of cotton and cotton yarns to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs.