Govt to crackdown on tax-evading sugar mills
The caretaker government has decided to launch a crackdown on sugar mills that are evading taxes, and the sugar industry’s proposal to import raw sugar for export purposes.
The decision was taken at a meeting of the Sugar Advisory Board (SAB), chaired by the caretaker Minister for Commerce Gohar Ijaz.
The minister warned the sugar industry that action will be taken against those mills that are not paying their due taxes. He also rejected the industry’s proposal to import raw sugar for export purposes, saying that it would distort the local market prices and hurt the public interest.
The meeting was informed that the sugar production estimates for this year are 6.5 million tons, due to higher crop yields, compared to 6.2 million tons at the start of the season.
The minister said that there is a surplus of one million tons of sugar, even after accounting for the reduced sugarcane area and the curbing of sugar smuggling to neighbouring countries.
The minister said that the government’s priorities are to ensure the supply of essential commodities at low rates and to safeguard the interests of sugarcane farmers. He asked the sugar industry to submit their raw sugar import plan for the government’s consideration.
Source Link: https://profit.pakistantoday.com.pk/2024/02/01/govt-to-crackdown-on-tax-evading-sugar-mills/
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