Latest news with #Rs44
Express Tribune
34 minutes ago
- Business
- Express Tribune
PTC urges tax on cigarette paper
Listen to article The Pakistan Tobacco Company (PTC) has urged the government to impose an adjustable tax on cigarette paper in a bid to ensure full documentation of the cigarette industry and combat the rapidly growing illicit trade, which it says has now become the market leader. At a pre-budget media briefing, PTC Director Asad Shah expressed serious concern over the rise in untaxed cigarettes, calling for uniform implementation of the track-and-trace tax stamp policy. Without uniform enforcement, he argued, the policy is ineffective. Shah also proposed reducing the adjustable tax on cigarette filter material acetate tow from Rs44,000 per kilogram to Rs4,000 per kilogram to discourage smuggling. Authorities seized 450 metric tonnes of smuggled acetate tow this year alone, he added. Shah also proposed that adjustable tax should be imposed on cigarette paper to ensure complete documentation. He noted that illicit cigarettes now account for 58% of the total market, with Pakistan's annual cigare tte consumption estimated at 82 billion sticks. Shah claimed that the sector has the potential to generate Rs570 billion in tax revenue annually, but only Rs292 billion was collected in FY2023-24 and Rs223 billion so far in the first 11 months of the current fiscal year. "It is impossible to collect the remaining Rs50 billion in a single month," he said, pointing to widespread tax evasion and the alleged involvement of some non-governmental organisations (NGOs) pursuing specific agendas. Shah recalled that 12 years ago, the government taxed 67 billion sticks annually. That number has now dropped to just 34 billion, despite consistent or growing demand. He criticised the 2023 tax policy, saying it led to the second decline in government revenue from the sector in a decade. Despite holding only a 42% market share, the legal tobacco sector still contributes 98% of the revenue, Shah said. He urged authorities to enforce documentation requirements across the board, stressing that 18 billion sticks are being sold at or below Rs150 per packbelow the official minimum price of Rs162.25 — without any penalties for violators. He pointed out that no one has ever been penalised for violating the minimum price law and instead recommended raising the minimum price per pack to counter the perception of cigarettes being cheap in Pakistan. "No policy can succeed without non-discriminatory implementation," he said, adding that untaxed, locally manufactured cigarettes are still openly sold.
Time of India
2 days ago
- Business
- Time of India
Centre, state approved 23 clusters in Pune region in 2024-25, granted Rs62 crore
1 2 3 Pune: Central and state govts gave approvals for 23 clusters in the last financial year — 12 proposed by former and 11 by latter — aimed at supporting micro and small enterprises in Pune region. Of the total granted funds of Rs62 crore, Centure contributed Rs44 crore while state's share was Rs18.7 crore, Shailesh Rajput, joint director of industries of the region, said. Some of these clusters, covering sectors such as farm processing, automobile, printing, garment and engineering, are crucial for smaller manufacturing units as they do not have the resources individually to maximise their production. Hence, govt provides financial assistance that would help these industries set up necessary infrastructure for their growth. Cluster projects are executed through special purpose vehicles, which comprise the actual or potential entrepreneurs. These entities are organised under legally recognised structures such as cooperative societies, registered societies, trusts and companies. State and Central govts fund the projects under their respective schemes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Maharashtra govt implements Centre's Micro Small Enterprises Cluster Development Programme and its own Maharashtra State Industrial Cluster Development Programme. Both schemes aim to set up infrastructure and common facility centres for micro and small units by providing 70%-90% funds for projects costing up to Rs10 crore. Under state govt's scheme, 16 clusters have already been set up, eight are in various stages of development, while diagnostic study reports for 13 clusters have been approved, taking the tally to 37. The cumulative cost is Rs271 crore, which is expected to benefit close to 4,000 micro and small units. State govt is also taking into account 'one district, one product' and geographical indicators for their development. Miraj cluster for musical instruments, turmeric cluster in Sangli, rice cluster in Pune, and garment cluster in Solapur are some under process. Under the Central scheme, 30 clusters have been approved so far, while eight are functioning within the region that includes Pune, Sangli, Kolhapur and Solapur districts. The total project cost is Rs600 crore, which will likely benefit around 5,200 production units.
Time of India
5 days ago
- Business
- Time of India
Company secretary of pvt firm loses Rs43L in online task scam
Pune: A company secretary (38) working with a private company in Hadapsar lost Rs44 lakh in an online task fraud between May 3 to 8. The woman transferred the amount between May 3 and 8 through 23 transactions to different bank account numbers provided to her. When she tried to withdraw her money, she was asked to pay Rs20 lakh more. Realising that she was being duped, she approached the cyber police on May 10. After preliminary investigations, a case was registered with the Hadapsar police on Thursday. An officer from the Hadapsar police said, "She worked with a prominent chemicals manufacturing company's office in Hadapsar. She received a message on May 3 on a mobile messenger app about a part-time job. When the woman contacted that number, she was offered a job of giving online reviews to hotels and earn Rs8,000 per day by sitting at home." "The woman accepted the offer. A link was shared with her and she completed the task given to her. Once done, Rs150 was transferred to her bank account," the officer said. He said the woman was offered more profit if she invested in prepaid tasks. She then transferred Rs2,000 and got Rs 2,800 in return. "The woman then went on transferring amounts to earn more profit. After transferring Rs44 lakh, she could see that she earned a profit of Rs6 lakh. When she tried to withdraw her Rs 50 lakh, she was not allowed. Instead, she was told to transfer Rs20 lakh more," the officer said. He said when the woman refused to give the crooks more money, they stopped responding to her. The woman discussed the issue with her uncle, who advised her to lodge a complaint.
Business Recorder
26-05-2025
- Business
- Business Recorder
NA panel directs KE to stop unannounced load-shedding
ISLAMABAD: National Assembly Standing Committee on Government Assurances expressed its grave concern over unscheduled power outages and directed Karachi Electric Supply Company not to conduct unannounced load-shedding in Karachi. The committee was of the view that consumers who pay the bills should not be left on the mercy of those who do not pay their utility bills. The committee also directed not to bill its consumers on average consumption basis. The committee met with MNA Nuzhat Sadiq in the chair at the Parliament House on Monday. The committee took up assurances given by the ministers on the floor of the House regarding over billing in Karachi, establishment of Protectorate of Emigrants Office in District Mansehra, Rehabilitation of Roads in Sindh and KPK and over billing of gas in Balochistan. The committee, while discussing implementation report of the assurance given by the Minister for Energy (Power Division) on the floor of the House on a calling attention notice moved by Sardar Nabeel Ahmad Gabool, MNA, was apprised that KESC was conducting massive load shedding, unscheduled in different areas of Karachi apart from billing its consumers on average basis, adding up to the miseries of the people of Karachi. The committee directed KESC management to immediately address both the aforesaid issues. The committee further directed for close coordination with elected representatives of city for addressing the menace of kunda culture and to bring people in the metering system. The KESC management apprised the committee that Rs44 billion have accumulated on account of outstanding bills, kunda culture and non-metering during year 2024. The committee decided to take up the implementation of its recommendations after 30 days. The committee expressed satisfaction on the assurance given by Minister for Overseas Pakistanis and Human Resource Development on assurance given for establishment of Protectorate of Emigrants Office in District Mansehra moved by Shahzada Gustasap Khan, MNA. The director general Bureau of Immigration and Overseas Employment apprised the committee that instead of Mansehra, the government had approved establishment of said office at Abbottabad instead of Mansehra which was just 24 km away. He apprised that the said office would facilitate Hazara Division and their adjoining areas. The committee while discussing implementation report submitted by Ministry of Communications on two assurances given by the minister regarding repairs of highways devastated by floods and deplorable condition of Chakdara-Upper Dir Road moved by Dr Nafisa Shah and Mehboob Shah, MNAs, directed the ministry and the National Highways Authority (NHA) to expedite work on the roads. The committee also directed the NHA to chalk out a strategy for rehabilitation and maintenance of roads in wake of upcoming monsoons. The committee also sought details of routine maintenance budget for roads and highways under the NHA. The committee while discussing assurance by the Minister for Energy (Petroleum Division) on calling attention notice of Haji Jamal Shah Kakar, MNA, regarding overbilling and extra charges on gas in Balochistan, directed for addressing issue of overbilling. The committee was apprised by the SSGCL officials that on the direction of Balochistan High Court, special tariff was being charged to gas consumers in Balochistan. He apprised that the issue was under adjudication in Supreme Court and the gas consumers would be billed in light of the decision of the court. The meeting was attended by MNAs; Raja Qamarul Islam, Muneeba Iqbal, Shagufta Jumani, Shahida Rehmani, Aasia Ishaque Siddiqui, Haji Imtiaz Ahmed Choudhry, Shafqat Abbas, Hameed Hussain, Ali AfzalSahi through Zoom, Movers; Sardar Nabil Ahmed Gabol, Shahzada Muhammad Gushtasap Khan, DrNafisa Shah (through Zoom), Mehboob Shah, Haji Jamal Shah Kakar, Secretary, Ministry of Parliamentary Affairs, Additional Secretary Ministry of Parliamentary Affairs, and other officers of departments. Copyright Business Recorder, 2025
Express Tribune
24-05-2025
- Business
- Express Tribune
Tribunal overturns ruling in sugar case
Listen to article The Competition Appellate Tribunal, while deciding the appeals filed by the Pakistan Sugar Mills Association (PSMA) and its member mills, has sent back the case involving a penalty of Rs44 billion to the Competition Commission of Pakistan (CCP) for a fresh hearing. In its short order, the tribunal directed that the matter be reheard by either the chairperson or any other member of the commission who was not a signatory to the earlier conflicting opinions and a final decision should be made preferably within 90 days. The CCP's original 2021 order was issued by a four-member bench that was evenly split. Two members, including the then chairperson Rahat Kaunain Hassan and member Mujatba Lodhi, supported the imposition of the penalty while the remaining two including Bushra Naz Malik and Shaista Bano wrote a dissenting note. To break the deadlock, the then chairperson exercised the "casting vote" under sub-section 5 of Section 24 of the Competition Act 2010 through a note dated August 13, 2021, effectively converting the stalemate into a majority ruling that upheld the penalty. The legality of the casting vote became the central issue in the appeals filed by millers. The tribunal has ruled that the chairperson has no authority to exercise a casting vote in quasi-judicial proceedings under the Competition Act. As a result, the chairperson's opinion based on the casting vote has been set aside. After fresh hearing, the decision of the chairperson or the assigned member will settle the matter and determine the violation of competition law by the PSMA and its member mills. The appellate tribunal has recently become fully functional following the federal government's appointment of a new chairman, allowing the tribunal to resume hearing on several long-pending appeals. In the sugar cartel case, the CCP had imposed penalties of Rs44 billion on the millers' association and 81 of its members. PSMA and its members had allegedly formed a cartel to manipulate prices and had collectively decided to export the sweetener. The CCP passed the order for violating Section 4 of the Competition Act.
