ECC exempts application of Section 7B on profits on Bahbood Saving Certificates, Pensioners Benefit Accounts

ECC exempts application of Section 7B on profits on Bahbood Saving Certificates, Pensioners Benefit Accounts

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday granted exemption the provisions of Section 7B of the Income Tax Ordinance 2001 for recipients of profit on debt from Behbood Saving Certificates and Pensioners Benefit Accounts.

Prime Minister Shahid Khaqan Abbasi chaired the ECC meeting and also approved to include words “and Shuhuda Family Welfare Account” in clause (6) Part III and clause (36 A), Part IV of the Second Schedule to the Income Tax Ordinance 2001.
The ECC also approved a proposal to increase the commercial borrowing guarantee limit of PIACL by Rs 13.585 billion.
The ECC approved a proposal that Minimum Guaranteed Price for the wheat crop 2017-18 may be maintained at the previous year’s level i.e Rs. 1300/- per40Kg.Supply of 20,000 Metric tons of wheat from PASSCO to United Nations World Food Program for temporary dislocated persons of FATA was also approved.
Proposal to allocate 14.8 MMscfd gas (upto 8.0 MMscfd gas from Aminah gas field and upto 6.8 MMscfd gas from Ayesha North field) to M/s SSGC was approved.
The ECC also granted exemption from rule 43 of 1986 rules for development and production leases over Sara and Suri fields.
Approval of field development plan and grant of development and production lease for Mubarak block No. 2769-4 and Gambat block No. 2668-4 was also accorded by the ECC.
ECC approved a proposal of the Petroleum division that 83.2 MMscfd (i.e upto 74 MMscfd gas from Shahdadpur, up-to 2.2 MMscfd gas from Shahdadpur East and up-to 7 MMscfd gas from Shadadpur West D&PL) be allocated/regularized to SSGCL as SSGC’s network already exists in the area and that gas from same block is already being supplied to the company.
The ECC also approved a proposal for construction of Machike-Tarujabba Oil Pipeline Project on BOT basis for the transportation of oil from Lahore to Peshawar. The construction of this pipeline would facilitate easy and inexpensive transportation of oil.

Source: pkrevenue

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