Ministry of National Food Security and Research (NFSR) is assuring importers to trade in wheat for countering wheat shortage in the country.
For this purpose, few key decisions were taken by Economic Coordination Committee (ECC) of the Cabinet in its meeting on 15-07-2020. AS per ECC, imported wheat will be exempted from the Anti- Hoarding Act imposed by the Provincial Governments on producing verified import record by the importers.
Sindh Government is to be approached to waive off the Excise and Taxation Charges @ 1.25% on import value of wheat. State Bank of Pakistan would arrange inter-bank dollar exchange cover to wheat importers, as is provided to other industries. Price mechanism for imported wheat will be considered, in consultation with the importers in a meeting with the Advisor to the PM on Finance & Revenue.
It is pertinent to mention that in compliance of the decision of the ECC of the Cabinet on 19-02-2020 and 10-06-2020, Department of plant protection (DPP) has so far, issued import permit to private sector in two phases. Ministry of National Food Security and Research (NFS&R) has constituted a monitoring committee to look after issues pertaining to the import of wheat.
The committee is headed by Additional Secretary, NFS&R as chairman with addition to representative of Wheat Importers Association. Apart from this, import of wheat through the private sector for unlimited period, in the HS Code Category of wheat grain- 1001.1900 and 1001.9900, few taxes and duties have been abolished including, Regulatory Duty 60 percent, Custom Duty 11 percent, Sales Tax 17 percent and Withholding Tax 06 percent.
