Latest news with #Rs570
Express Tribune
6 days 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.
Express Tribune
09-02-2025
- Business
- Express Tribune
Essentials' prices rise by Rs50 to Rs100 in Pindi
RAWALPINDI: With Ramazan approaching fast, the prices of essential food items have skyrocketed across Rawalpindi. The cost of goods needed for Sehri and Iftar has increased by Rs50 to Rs 100 per kilogramme while soaring fuel prices have further added to inflationary pressures. Sugar now costs Rs160 per kg after a Rs10 increase, while ghee is being sold at Rs570 per kg following a Rs50 hike. Cooking oil prices have risen to Rs580 per litre, while gram flour (besan) now costs Rs470 per kg, reflecting a Rs100 increase. Prices of vegetables and fruits have also surged. In the open market, white chickpeas are selling for Rs420 per kg, red kidney beans for Rs450, and dates between Rs500 and Rs1,000 per kg, depending on quality. Live chicken is priced at Rs400 per kg, while chicken meat costs Rs630. A dozen eggs are now Rs235. The price of potatoes has risen to Rs90 per kg, onions to Rs100, garlic to Rs650, and ginger to Rs500 per kg. Green chillies are being sold at Rs150 per kg, tomatoes at Rs110, and peas at Rs100. Fruit prices have also surged, with apples ranging from Rs200 to Rs400 per kg, guavas at Rs200 per kg, bananas at Rs200-250 per dozen, and citrus fruits like oranges priced between Rs250 and Rs500 per dozen. Strawberries have reached Rs700 per kg, while pomegranates are being sold at Rs400 per kg. Consumers have expressed frustration over the relentless rise in prices, with many struggling to afford basic necessities as Ramadan nears.
Express Tribune
08-02-2025
- Business
- Express Tribune
Salaried class likely to pay Rs570b in taxes
ISLAMABAD: The federal government is likely to further increase the tax burden on salaried individuals, with total tax collection from this segment expected to reach Rs570 billion in the ongoing fiscal year 2024-25. This means that the salaried class will pay 55% more tax compared to the previous year. According to the Federal Board of Revenue (FBR), salaried individuals contributed Rs368 billion in taxes last year, while Rs243 billion has already been collected in the first six months of the current fiscal year. This marks a 300% increase in tax collection from employees compared to the first six months of the previous year. The FBR data shows that five years ago, annual tax collection from the salaried class stood at Rs129 billion. In 2019-20, it was Rs129 billion, rising to Rs152 billion in 2020-21, and further increasing to Rs189 billion in 2021-22. In 2022-23, tax collection from salaried employees surged to Rs264 billion. The salaried class has now become the third-largest tax-paying sector.
