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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Tag: tobacco
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 […]
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Pakistan sees surge in illicit cigarette sales after massive tax hike, says Philip Morris
Sales of illicit cigarettes have surged following a massive tax hike on the legal cigarette industry, according to Philip Morris (Pakistan).
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PM directs installing track, trace system at all cigarette manufacturing units
Prime Minister Muhammad Shehbaz Sharif has directed for the installation of a trace and track system in all cigarette manufacturing units of the country within the next two weeks to combat tax evasion.
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Taxation structure on cigarettes still lowest in region: FBR
ISLAMABAD: The Chairman of the Federal Board of Revenue (FBR), Asim Ahmad has said that the taxation structure on cigarettes is still the lowest in the region and does not meet the World Health Organization (WHO) criteria.
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FED on tobacco to promote documentation: experts
KARACHI: Tax experts believed that newly imposed federal advance excise duty (FED) on tobacco purchase will not impact farmers but manufacturers and would dent the massive tax theft in the tobacco sector. They said that tax evaders are pressurizing the FBR through farmers for withdrawal of this major documentation measure and creating a false impression […]
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Monitoring of GLT plants must to plug tax evasion
Experts believe that unchecked tobacco processing in green leaf threshing (GLT) plants is the root cause of massive tax evasion in tobacco sector. “At times when Pakistan is struggling to increase revenue, Government’s indifference towards tax evasion is incomprehensible,” according to an expert. Tobacco industry is one of the five industries which cause a loss […]
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Senate recommends tobacco must be treated as crop, exempted from duty/taxes
ISLAMABAD: The Senate of Pakistan has recommended a significant policy shift, advocating for tobacco to be treated as a crop and exempted from duties and taxes. This recommendation was made in the context of the Finance Bill 2020, reflecting the upper house’s stance on the agricultural status of tobacco.
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FBR warns taking legal action against fabricated tobacco license news publication
ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday said it has right to take legal action against fabricated news publication regarding grant of track and trace tobacco license. “The FBR reserves the right to take legal action against publication of such fabricated and concocted news report,” said a statement. The FBR issued a strong […]
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