IslamicFinance.de

The #Pakistani government waived 10 taxes on the upcoming international Sukuk bond issue, which is expected to raise at least $750 million. The government is going to tap the international debt market next month to borrow $750 million to $1 billion by pledging the Islamabad-Lahore Motorway. Headed by Finance Minister Ishaq Dar, the Economic Coordination Committee (ECC) of the cabinet granted tax exemptions on the Islamic bonds. This decision violated the Supreme Court judgment that barred the ECC from taking decision on fiscal matters without prior approval of the federal cabinet. The ECC also approved to reduce prices of imported urea fertiliser from Rs1,310 per bag to Rs1,200 per bag, giving Rs30.4 million subsidy.