The Economic Coordination Committee (ECC) of the Cabinet met today in Islamabad, chaired by Minister for Finance and Revenue, Senator Muhammad Aurangzeb, to discuss key economic matters. One of the major decisions was the approval of income tax exemptions for the ICC Champions Trophy 2025.
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Tax Exemptions for ICC Champions Trophy 2025
The committee reviewed the Revenue Division’s summary and approved income tax exemptions for the International Cricket Council (ICC) under the terms of the hosting rights agreement between ICC and Pakistan.
Under this agreement:
- No taxes or deductions will apply to ICC revenues, its subsidiaries, associates, officials, and non-resident delegates.
- Pakistani residents, including the Pakistan Cricket Board (PCB), will still be subject to income tax on their tournament earnings.
- No exemptions will be granted for Sales Tax and Federal Excise Duty (FED).
- The exemption is not expected to cause revenue loss as it was a requirement for hosting the event.
Other Key Decisions
Export of Livestock to Kuwait
The ECC also reviewed a proposal from the Ministry of National Food Security & Research regarding the lifting of the ban on the commercial export of sheep and goats to Kuwait. However, the decision was deferred for further clarification and review.
Approval of Rs. 6.859 Billion for Energy Sector
The committee approved a Technical Supplementary Grant (TSG) of Rs. 6.859 billion for the Ministry of Energy (Power Division) to fund development expenditures for the current financial year (2024-25).
Extension of LNG Agreement with SOCAR Trading
The ECC also approved a three-year extension of the LNG Framework Agreement between Pakistan LNG Limited (PLL) and SOCAR Trading. Initially signed in 2023, the agreement allows PLL to procure one LNG cargo per month as needed, without any financial obligations or take-or-pay commitments. This extension aligns with Pakistan’s energy strategy for flexible and cost-effective LNG procurement based on seasonal demand.
Meeting Attendees
The meeting was attended by Minister for Petroleum Musadik Masood Malik, Minister for Industries and Production Rana Tanveer Hussain, Chairman FBR, Chairman SECP, Federal Secretaries, and other senior officials from relevant ministries and divisions.
The ECC’s decisions reflect Pakistan’s commitment to international sports events, economic stability, and energy security, ensuring a balanced approach to fiscal and economic policies.
