ISHAQ FORMS BODY TO REDRAFT EXEMPTIONS.
Finance Minister, Senator Ishaq Dar has constituted an inter-ministerial committee to re-draft tax exemptions worth billions of rupees for a Chinese company under Gwadar Port Concession Agreement and its Free Zone. Source told that the Economic Co-ordination Committee (ECC) of the Cabinet, in its meeting on March 18, 2016 considered tax exemption for Gwadar Port. However, proposal of tax exemptions could not sail through as the ECC termed the proposal 'confused'. That the Ministry of Ports and Shipping revealed that Gwadar Port Concession Agreement signed between Gwadar Port Authority (GPA) and Port of Singapore Authority (PSA) Gwadar Pte Limited was approved by ECC on February 1, 2007 and that the ECC also accorded approval to certain tax exemptions as required under Article 1.3 concerning conditions precedents for the execution and effectiveness of agreement on November 13, 2007.