Economic Coordination Committee (ECC) of the cabinet on Wednesday allowed private and public sectors to import 800,000 tons of sugar to bring down its prices and build up carryover stocks.
The private sector has been allowed to import 300,000 tons of sugar at reduced rate of withholding tax from 5.5 percent to 0.25 percent. The Trading Corporation of Pakistan (TCP) will import 500,000 metric tons sugar at reduced withholding tax rate while 17 percent sales tax has also been abolished. The private sector has been allowed to import 300,000 tons of sugar till June 30, 2021.