In a significant development, the Economic Coordination Committee (ECC) of the Cabinet Committee approved income tax exemptions for the International Cricket Council (ICC) in connection with the ICC Champions Trophy 2025, ensuring that no taxes or deductions will be applied to ICC revenues, its subsidiaries, associates, officials, and non-resident delegates.
However, Pakistani residents, including the Pakistan Cricket Board (PCB), will still be subject to income tax on their earnings from the tournament, and there will be no exemptions from Sales Tax and Federal Excise Duty (FED). The tax exemption is not anticipated to result in a revenue loss, as it was a prerequisite for securing the tournament’s hosting rights.
Additionally, the ECC discussed a summary from the Ministry of National Food Security & Research regarding the lifting of the ban on the commercial export of sheep and goats to Kuwait but decided to defer the agenda for further clarification and due diligence.
The committee also approved a Technical Supplementary Grant (TSG) of Rs. 6.859 billion for the Ministry of Energy (Power Division) to support development expenditures in the current financial year (2024-25).
Furthermore, based on a summary from the Petroleum Division, the ECC approved a three-year extension of the LNG Framework Agreement between Pakistan LNG Limited (PLL) and SOCAR Trading. Initially signed in 2023, this 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 strategy for flexible LNG procurement based on seasonal demand, ensuring cost-effective energy solutions.
The meeting was attended by key officials, including Minister for Petroleum Mr. Musadik Masood Malik, Minister for Industries and Production Rana Tanveer Hussain, the Chairman of the Federal Board of Revenue (FBR), the Chairman of the Securities and Exchange Commission of Pakistan (SECP), federal secretaries, and senior officers from relevant ministries and divisions.
