IMF agrees to end 18pc GST on new aircraft, NA panel told

The National Assembly Standing Committee on Privatisation was informed on Thursday that the International Monitory Fund (IMF) has agreed to the removal of 18 per cent GST on the purchase of new aircraft and cleaning of Rs45 billion negative equity of Pakistan International Airline Company Limited (PIACL). A meeting of the committee was further informed that it was decided to capitalise on positive momentum generated by IMF’s consent on critical tasks, opening up of European routes and to avoid further loss to national exchequer; it was decided to go for fresh expression of interest (EoI) at the earliest. It has been decided that the losses of the national flag carrier will be transferred to the Holding Company, making PIA free of liabilities and attractive and lucrative for investors who had been otherwise shy in acquiring the national flag carrier due to the losses.