ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Monday approved Provision of Guarantee for Issuance of letter of Credits by Pakistan LNG Limited (PLL) up to $150 million in favour of LNG suppliers.

Prime Minister Shahid Khaqan Abbasi chaired the ECC meeting at PM Office. The meeting approved the proposal for refinancing of the loan for Wah Brass Mills Upgradation Project.

On exemption of taxes and duties (Gas Infrastructure Development Projects of Large Diameter Pipelines) relating to Petroleum Division, the matter was referred back for discussion among the Finance Division, FBR and Petroleum Division to sort out issues that need to be brought before the ECC in its next meeting.

On Removal of Anomalies and Mismatch in Withholding Income Tax and Input/Output Sales Tax on LNG/RLNG Transactions, it was decided that the stakeholders would further deliberate the issue and come up with the workable solutions including the proposal for legislation if required.