Islamabad:The Economic Coordination Committee (ECC) of the Cabinet has approved the import of 180,000 metric tons of wheat from Russia on government to government basis waiving off all taxes and levies duties on GTG import of wheat.

Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the meeting here on Friday. The forum was informed that about 5 million tons of wheat was available with the public sector in stocks.

In terms of import, 430,000 tons of wheat has already been imported by the private sector and another 1.1 million ton was expected to be imported by the end of December this year.

In terms of wheat import by the public sector, Trading Corporation of Pakistan (TCP) has already opened an LC for importing 330, 0000 MT of wheat while TCP is in the process of tendering another about 1.2 million tons. Another 180,000 tons are imported through GTG arrangement from Russia.

The ECC also allowed the exemption from sales tax on supply of sugar imported through Trading Corporation of Pakistan of up to 300,000 metric tons.