ISLAMABAD: The Economic Coordination Committee (ECC) has approved to refund sales tax and technical supplementary grant to the tune of 30 billion rupees.
The approval was granted in ECC meeting held in Islamabad on Wednesday with Finance Adviser Dr Abdul Hafeez Shaikh in the chair.
The meeting approved amendments in eighteen laws and 25 legal procedures with the aim to simplify and facilitate investments in oil exploration and production. The amendments in the laws were proposed by the Energy Task Force and other stakeholders.
ECC also approved the renaming of the zero-rated export sector as an export-oriented sector, which comprises textile, carpet manufacturing, leather industry, sports and surgical goods.