Tag: sugar

  • PM directs pursuing legal cases against sugar mills

    PM directs pursuing legal cases against sugar mills

    ATTOCK: Prime Minister Imran Khan on Friday directed the law minister to pursue the cases against sugar mills on urgent basis for the benefit of general public and for addressing price hike of the commodity.

    To address the ongoing sugar crisis, Prime Minister Imran Khan on Friday directed the law minister to urgently get vacated various stay orders obtained by the sugar mill owners from courts against the government.

    Addressing a public gathering after the foundation-laying of a 200-bed mother and child hospital, the prime minister said closure of sugarcane crushing by three sugar mills in Sindh and the subsequent hoarding was the reason behind the current spike in sugar prices.

    The sugar price soared as wholesale rate touched Rs150 per kilogram in most parts of the country and retail rate up to Rs160kg.

    Imran Khan said the sugar mills had attained stay orders against the fine imposed by the Competition Commission of Pakistan.

    Also, the other stay order was against Federal Board of Revenue (FBR) in line with its action on tax evasion and the ‘off-the-books’ activity of sugar mills.

    On overall inflation, he said Pakistan was bearing the impact of global price hike of commodities, mainly due to shortage of supplies in the wake of pandemic.

    He said the sharp increase in global petroleum prices from $45 to $85 dollar greatly affected Pakistan as the country relied on imports of several items, including petrol, palm oil, and pulses.

    Despite such a situation, he said, Pakistan had the lowest rate of petroleum at Rs 146 per litre among importing countries compared with India at Rs 250 and Bangladesh at Rs 200 per litre.

    Imran Khan hoped that as the world businesses open up after decline in pandemic following the coming winters, things would improve.

    To reduce the financial impact on poor, he said the government had recently provided food subsidies to 130 million people across the country through Ehsaas programme.

    He mentioned that other socio-welfare initiatives such as Kamyab Pakistan would provide interest-free loans to two million households for house building, start-ups, and skills training. Also, the Kamyab Jawan is providing loans to youth across the country, he added.

    The prime minister said establishment of five mother and child hospitals in two years would ensure provision of health facilities to women on health issues related to gynecology and obstetrics.

    He said it was shameful that due to the apathy of previous governments, a rise in deaths of women during pregnancy was recorded in the wake of non-availability of medical facilities.

    He said by March, all households of Punjab would get health insurance of Rs 0.7 to one million for their medical treatment.

    He termed the health card a proper system where the private sector would also be encouraged to establish hospitals in rural areas so as to expand the network of healthcare facilities.

    Imran Khan said the priority of his government in its tenure was to uplift the people and provinces that lagged behind in development.

    On completion of five years, he said, his biggest success would be to bring a positive change in the lives of common man.

    He regretted that Pakistan in the past suffered the rule of two political families in 30 years that incurred a huge loss to national exchequer.

    The prime minister mentioned that under his government, the country for the first time was witnessing an era of long-term planning besides the boom in industrial growth, exports and historic foreign remittances.

    Chief Minister Punjab Usman Buzdar said the mother and child hospital in Attock would provide quality healthcare facilities to two million residents, particularly women, of the Attock district and in the suburbs.

    He said the Punjab government would complete the 200-bed hospital equipped with modern facilities in two years at a total cost of Rs 5.3 billion. The federal government has already released Rs 2.66 billion to Punjab for the project.

    He said establishment of 21 different universities in the province was also under consideration.

    Punjab Health Minister Dr Yasmin Rashid said the mother and child hospitals would help the women get timely medical advice and treatment.

    She said after 50 years, the second phase of Nishtar Hospital would be constructed in Multan to meet the medical needs of the growing population.

  • ECC stresses commodities stocks amid Afghan situation

    ECC stresses commodities stocks amid Afghan situation

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday emphasized the importance of building strategic reserves of commodities in wake of evolving situation in Afghanistan.

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  • Tax on sugar retail sale to be imposed from December 01

    Tax on sugar retail sale to be imposed from December 01

    The Federal Board of Revenue (FBR) has announced the deferral of the imposition of sales tax on the retail sale of sugar until December 1, 2021.

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  • Karachi Port confirms sinking of sugar cargo container

    Karachi Port confirms sinking of sugar cargo container

    KARACHI: Karachi Port Trust (KPT) has confirmed the sinking of a container laden with sugar through a statement released few moments ago.

    It is stated: “Truck loaded with sugar cargo while leaving berth number 5, East Wharf, after issuance of bilty encountered mechanical failure at around 5:20 pm today [Saturday], dated: 31.07.2021, fell in port channel.

    “Driver is safe and no casualty / injury reported. Efforts are underway to recover the truck. The incident is under investigation.”

    According to the sources, the container fell into the sea while handling by a trawler at berth No. 5 West Wharf of Karachi Port, sources said.

    It is believed that the container, which fell into the sea, had carried around 39 metric tons of sugar about 780 bags of 50 kilograms. The sugar was imported by the Trading Corporation of Pakistan (TCP) to provide the commodity at affordable prices in the country .

    The sources said that the breaks of the trawler suddenly failed and lost control. However, driver of the trawler was safe in the incident.

    The monetary loss due to the incident was not ascertained at the time of filing this report but sources said that a ship MV Unity brought 33,000 metric tons of sugar from Dubai on July 27, 2021.

    It was second incident within the jurisdiction of Karachi Port in ten days.

    During Eid holidays a cargo ship was stuck up at sea view Karachi. This ship has not been rescued so far.

  • Container carrying 39MT sugar sinks at Karachi Port

    Container carrying 39MT sugar sinks at Karachi Port

    KARACHI: A container carrying around 39 metric tons (MT) of refined sugar fell into the sea from a ship berthed at the Karachi Port on Saturday evening.

    The container fell into the sea while handling by a trawler at berth No. 5 West Wharf of Karachi Port, sources said.

    It is believed that the container, which fell into the sea, had carried around 39 metric tons of sugar about 780 bags of 50 kilograms. The sugar was imported by the Trading Corporation of Pakistan (TCP) to provide the commodity at affordable prices in the country .

    The sources said that the breaks of the trawler suddenly failed and lost control. However, driver of the trawler was safe in the incident.

    The monetary loss due to the incident was not ascertained at the time of filing this report but sources said that a ship MV Unity brought 33,000 metric tons of sugar from Dubai on July 27, 2021.

    It was second incident within the jurisdiction of Karachi Port in ten days.

    During Eid holidays a cargo ship was stuck up at sea view Karachi. This ship has not been rescued so far.

  • Budget 2021/2022: sales tax on sugar to be imposed on retail price

    Budget 2021/2022: sales tax on sugar to be imposed on retail price

    ISLAMABAD: The government has announced to bring sugar in the third schedule of Sales Tax Act, 1990 to impose sales tax on actual retail price.

    Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced inclusion of sugar in the third schedule.

    He said that sugar, although not a staple food, is still a source of daily caloric intake for millions of people in Pakistan.

    Recently, an unprecedented increase in the prices of sugar has been witnessed; however, this increase has not resulted in corresponding increase in revenue due to that fact that for the purposes of sales tax the value of sugar is not ad-valorem but specific that is Rs.60 per kg, which is considerably below the actual market price of the commodity.

    To address this anomaly, sugar is proposed to be included in the Third Schedule to the Sales Tax Act so that tax is charged on actual retail price of the product.

    This measure would not only ensure due payment of tax but also help in putting a more effective price control mechanism.

  • SBP issues guidelines for processing sugar import at concessionary tax rates

    SBP issues guidelines for processing sugar import at concessionary tax rates

    KARACHI: State Bank of Pakistan (SBP) on Monday issued guidelines for banks to process application for import of raw sugar at concessionary tax rates.

    The SBP said that the government had allowed 300,000 metric tons of raw sugar to be imported by sugar millers at reduced withholding tax rate.

    The central bank further said that the ministry of commerce had issued a public notice in this regard.

    To comply with the public notice, the banks should process the requests of the sugar mills for import of raw sugar under the aforementioned Public Notice subject to the following:

    Import may be allowed to Sugar mills who have been issued quota by the Ministry of Commerce under the above-mentioned Public Notice;

    Import on CFR Free out basis may be allowed as an exception to the instructions given under Para 5 Chapter 13 of the FE Manual;

    Advance payment up to 100% of the value of the contract/proforma invoice may be allowed, subject to compliance with other applicable foreign exchange regulations given under Chapter 13 of the FE Manual;

    The SBP said that banks shall submit consolidated data of LCs issued and advance payments made, against issued quotas, to Foreign Exchange Operations Department, SBP BSC, Head Office, Karachi on daily basis.
    The SBP further directed that banks shall ensure compliance with all other terms & conditions of the Public Notice issued by Ministry of Commerce and bring the above instructions to the knowledge of all their constituents for meticulous compliance.

  • FBR allows income tax exemption on sugar import

    FBR allows income tax exemption on sugar import

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday allowed exemption from income tax on import of raw and refined sugar.

    The FBR issued SRO 235(I)/2021 in pursuance to the federal cabinet decision dated January 26, 2021.

    Through the SRO the FBR amended Second Schedule of the Income Tax Ordinance, 2001.

    According to the amendments, the tax under Section 148 on commercial import of the white sugar shall be collected at the rate of 0.25 percent from January 26, 2021 till June 30, 2021.

    Another clause added to the Second Schedule under which subject quota allotment by the commerce division, tax under section 148 shall be collected at the rate of 0.25 percent on import of raw sugar imported by sugar mills from January 26, 2021 to June 30, 2021 (both days inclusive) provided that such imports shall not exceed fifty thousand metric tons per sugar mill and three hundred thousand metric tons in aggregate by the sugar industry.

    The FBR said that a new clause 12K had been inserted to the Second Schedule under which the provisions of Section 148 and Section 153 shall not apply on import and subsequent supply of five hundred thousand metric tons of white sugar imported by the Trading Corporation of Pakistan.

  • FBR exempts sales tax, VAT on sugar import

    FBR exempts sales tax, VAT on sugar import

    ISLAMABAD: The Federal Board of Revenue (FBR) has announced an exemption on sales tax and value-added tax (VAT) for the import of 500,000 metric tons of white sugar, aiming to stabilize market prices and provide relief to consumers.

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  • ECC abolishes value added sales tax, reduces advance tax to 0.25pc on sugar import

    ECC abolishes value added sales tax, reduces advance tax to 0.25pc on sugar import

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved removal of value added sales tax and reduction of withholding income tax to nominal 0.25 percent on import of white sugar.

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