ISLAMABAD, Jan 17: The Economic Coordination Committee (ECC) of the cabinet will meet here on Tuesday to consider various proposals for rationalizing duty structure on the ship breaking industry.
To be headed by the prime minister, the ECC would deliberate on the possibility of reduction in duty on import and local supply of the ship breaking industry.
The ship breaking industry has asked the government to reduce the rate of with holding tax from three per cent to one per cent or reduce the value addition benchmark from current 14 per cent to seven per cent for the levy of sales tax or withdraw import duty for the ship breaking industry.
The ECC would also consider a proposal to allow duty-free delivery of exportable products. This exercise would help those manufacturers who were only importing goods for further use in the exportable products. The decision if taken would save the exporters from cumbersome procedures of refunds that resulted in delay in the payment to exporters.
