Tax Exemptions for ICC Revenues
In a crucial meeting held in Islamabad, the Economic Coordination Committee (ECC) of the Cabinet, chaired by Minister for Finance and Revenue, Senator Muhammad Aurangzeb, approved income tax exemptions for the International Cricket Council (ICC) in connection with the ICC Champions Trophy 2025.
The approval was based on the Revenue Division’s summary, ensuring that no taxes or deductions will be applied to ICC revenues, subsidiaries, associates, officials, and non-resident delegates under the standardized hosting rights agreement between ICC and Pakistan.
However, Pakistani residents, including the Pakistan Cricket Board (PCB), will remain subject to income tax on earnings generated from the tournament. Additionally, there will be no exemptions from Sales Tax and Federal Excise Duty (FED). The exemption was deemed essential, as it was a prerequisite for securing the tournament’s hosting rights, and is not expected to result in revenue loss.
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Ban on Sheep & Goat Exports to Kuwait Deferred
The ECC also reviewed the Ministry of National Food Security & Research’s summary regarding the lifting of the ban on the commercial export of sheep and goats to Kuwait. However, the agenda was deferred for further clarification and due diligence before a final decision.
Approval of Rs. 6.859 Billion for Energy Development
The ECC approved a Technical Supplementary Grant (TSG) of Rs. 6.859 billion in favor of the Ministry of Energy (Power Division). This allocation is designated for development expenditures during the current financial year (2024-25), supporting ongoing energy sector projects.
Extension of LNG Framework Agreement with SOCAR
Based on the Petroleum Division’s summary, the ECC also approved the extension of the LNG Framework Agreement between Pakistan LNG Limited (PLL) and SOCAR Trading for another three years.
Originally signed in 2023, this agreement allows PLL to procure one LNG cargo per month when required, without imposing any financial obligations or take-or-pay commitments. The extension aligns with Pakistan’s energy strategy, ensuring flexible LNG procurement based on seasonal demand, leading to cost-effective energy solutions.
Attendees of the Meeting
The ECC meeting was attended by:
✔ Minister for Petroleum, Mr. Musadik Masood Malik
✔ Minister for Industries and Production, Rana Tanveer Hussain
✔ Chairman FBR & Chairman SECP
✔ Federal Secretaries & Senior Officers from Concerned Ministries & Divisions
