ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved Mobile Device Manufacturing and Electric Vehicles Policy for two and three wheelers.

The approval was given during its meeting presided over by Minister for Finance and Revenue Dr Abdul Hafeez Sheikh in Islamabad.

The forum approved removal of withholding tax of 4 percent on manufacturing of retailers of locally manufactured phones and removal of sales tax on locally manufactured phones.

The finance minister appreciated the detailed plan for rationalization of subsidies and directed to present a comprehensive summary.

Ministry of National Food Security presented a summary for provision of additional quantities of wheat to the government of Azad Jammu and Kashmir and Utility Stores Corporation.

The Finance Minister directed to provide first load of the additional quantities to both AJ&K and USC on priority as an interim arrangement to ensure smooth supply of wheat across the country.

The ECC also accorded approval for issuance of offshore Pakistan Rupee linked Bonds to the International Finance Corporation.