Economic Coordination Committee has approved reduction of Withholding Income Tax on commercial import of white sugar and raw sugar form 5.5 percent to 0.25 percent and removal of Value Added Sales Tax on import of white sugar.

The approval was accorded at ECC meeting, which met in Islamabad on Wednesday with Finance Minister Dr. Abdul Hafeez Shaikh in the chair.

The ECC further directed Trading Corporation of Pakistan to import white sugar upto 500,000 metric tons if and when needed during the current season.

ECC allowed PASSCO to import of 300,000 metric tons of wheat to replenish its stock as needed.