ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet is likely to exempt taxes on the import of oxygen and cryogenic to cope with the third wave of Covid-19, Pakistan Today learnt on Tuesday. The Federal Board Revenue (FBR) is collecting 24 per cent tax on m3 oxygen, 49.5 per cent on oxygen cylinders and 25.5 per cent on the import of cryogenic, sources added. Sources said that the manufacturers had approached the ministry of Industries and production for duty free import of oxygen gas, oxygen gas cylinders and cryogenic tanks in the country in order to ensure uninterrupted supply of oxygen gas at competitive rates. Presently, the installed capacity of oxygen manufacturing has reached to 790 metric tonnes (MT) from 487 MT per day owing to new oxygen manufacturing units set up in the country. It is pertinent to note that the ECC, during the last one year, had twice approved duty on import of oxygen, which expired last month.

Source: Pakistan Today May 04, 2021 18:11 UTC