Latest news with #RiazFatyana
Business Recorder
16 hours ago
- Business
- Business Recorder
Surge in sugar prices: PAC seeks records of all sugar mill owners, exporters again
ISLAMABAD: The Public Accounts Committee (PAC) has sought records of all sugar mill owners and exporters again, aiming to investigate the underlying causes of the nationwide surge in sugar prices. Junaid Akbar chaired the meeting of the PAC. The members committee showed serious concerns over the sudden raise in sugar prices as the commodity is being sold at Rs 210 per kg in Karachi and Rs 215 in Haripur, while the average price is at Rs 173 per kg nationwide. New official sugar prices notified for Karachi The officials of the Ministry of Industries hesitated to disclose the sugar mill owners, forced the chairman committee to issue directives for submission of names and directorship of sugar mills. The PAC chairman warned that a privilege motion would be moved in case the list was not submitted shortly. The secretary for Food Security also faced strong criticism for allegedly presenting inaccurate data of sugar production, export and prices. According to the data provided by the Ministry of Industries, 5.09 million tons of sugar approved for export in last 10 years but only 3.927 million tons were actually exported, earning over $400 million in foreign exchange. Officials stated that Pakistan produced 7.66 million metric tons of sugar last year, with 1.3 million metric tons in surplus. Of that, 500,000 tons were reserved for the next year, while the government approved the export of 790,000 tons in three phases. At the time of export, the local market price of sugar was Rs143 per kg, which has now jumped to Rs 173. The lawmakers criticised the ongoing cycle of sugar export and import, calling it a decade-long deception. Members committee Riaz Fatyana and Muhammad Arshad alleged that the nation was defrauded of Rs 287 billion due to the manipulated price hike and artificial shortages. Junaid asked the officials why sugar mills were awarded export subsidies and the reason behind the sudden issuance of SROs granting tax exemptions. Moin Pirzada accused the government of looting the nation and blamed the Sugar Advisory Board for corruption, calling the sugar mafia an integral part of the government. The committee was apprised that the prime minister formed a committee led by Deputy Prime Minister Ishaq Dar to probe the matter. Copyright Business Recorder, 2025
Business Recorder
16-07-2025
- Business
- Business Recorder
ST cut on sugar imports: PAC grills tax authorities over FBR's decision
ISLAMABAD: The Public Accounts Committee (PAC) on Wednesday grilled tax authorities over a controversial decision by the Federal Board of Revenue (FBR) to slash sales tax on sugar imports from 18 per cent to a mere 0.25 per cent, alleging the move was intended to benefit powerful lobbies. PAC member Riaz Fatyana raised the issue during a session chaired by Junaid Akbar Khan, pointing out that the drastic reduction was implemented through a Statutory Regulatory Order (SRO), which he said served vested interests. 'This decision reeks of favouritism,' Fatyana said. 'It appears to have been designed to give financial advantage to specific groups.' Committee member Sanaullah Khan Masti Khel didnot minces words, calling it a 'broad daylight robbery' and accusing the authorities of colluding with sugar cartels. MNA Moeen Aamir Pirzada added that the practice of exporting sugar first and then importing it back was an engineered cycle designed for profit manipulation. The committee expressed strong reservations and summoned top officials from the FBR and the Ministry of Commerce to appear in the next session to explain the rationale and legality of the tax reduction. 'This is not just mismanagement; it's systemic exploitation,' said Masti Khel. The PAC warned that it would not let the matter slide without a thorough investigation and accountability.
