According to recent data released by the All Pakistan Cement Manufacturers Association, cement despatches in April 2023 saw a decline of 16.55% as compared to the same month last fiscal year.
(more…)Category: Trade & Industry
This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.
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Unilever Pakistan achieves 87% profit growth despite economic challenges
Unilever Pakistan Foods Limited has achieved a remarkable 87% increase in profit after tax for the quarter ending in March 2023, despite challenging economic conditions.
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Lucky Cement announces record-breaking profit for 9MFY23
Lucky Cement Limited announced a record-breaking profit after tax of PKR 48.5 billion for the nine-month period ending March 31, 2023.
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Pakistan Tobacco announces 38% surge in quarterly profit despite tax hikes
Despite a significant hike in taxes, Pakistan Tobacco Company announced a 38% surge in quarterly profit after tax on Tuesday.
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Prevalence of NDP cigarettes hampers Pakistan efforts to curb smoking
The Pakistani government’s attempts to reduce cigarette consumption by increasing the tobacco tax rate have been unsuccessful, as the prevalence of cheaper non-duty-paid (NDP) cigarettes in the market has led to continued consumption of illegal cigarettes.
As a result, an estimated 32.6 billion illegal cigarettes are consumed out of a total consumption rate of 80 billion, making it challenging for the government to control the overall consumption rate.
Recent regional data indicates that Pakistan has one of the least affordable cigarette markets among South Asian and WHO Eastern Mediterranean Region (EMR) countries, and its affordability has worsened significantly over the past three years. This has resulted in down trading, but the number of cigarette consumers continues to rise.
In 2023, Pakistan ranks fourth in terms of the least affordable cigarette market among the 15 WHO EMR countries, and third among the six South Asian countries. Moreover, cigarette affordability in Pakistan has worsened the second most among the 15 WHO EMR countries and the most among the six South Asian countries during the period 2020-23.
These statistics challenge the claim made by anti-tobacco organizations that increasing taxes on cigarettes would make smoking less affordable and reduce consumption.
Moreover, increasing the tax rate on tobacco may worsen the affordability of cigarettes and lead to unintended consequences such as an increase in illicit trade. Current statistics show that illegal cigarette brands benefit from the price difference due to tax evasion, while the legal industry bears the burden of increased taxes on cigarettes. It is expected that the market share of illegal cigarettes will reach 50%.
Illicit tobacco trade results in tax evasion of more than Rs. 80 billion annually. This amount could be utilized to address budget deficits and improve the welfare of people affected by inflation. Therefore, it is vital that the government takes effective measures to curb the illicit tobacco trade and bring it into the documented sector, ensuring the proper collection of taxes and the provision of resources for the betterment of society.
Cigarette retailers demand tax reversal to prevent job losses
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EOBI pension should be increased immediately to Rs25,000 per month
EOBI Pensioners Welfare Association (EPWA) Saturday demanded the government to immediately increase the pension to Rs25,000 per month.
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Cement sales may drop 29% in April 2023 owing to economic slowdown
According to a report by Topline Securities on Saturday, Pakistan’s total cement sales are expected to decrease by 25-29% MoM in April 2023, amounting to 2.7-2.9 million tons due to the Eid holidays, economic slowdown, and lower construction activity during Ramadan.
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Customs Collector highlights benefits of export facilitation scheme
KARACHI: The government has introduced an export facilitation scheme to promote the country’s exports under a modern digital automation system.
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Automotive, textile industries need urgent attention: UNISAME
The Union of Small and Medium Enterprises (UNISAME) has raised a valid concern regarding the urgent attention required by the government for the automotive and textile industries.
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