State Minister Petroleum Division Musadik Masood Malik said that success of a track and trace system depends on across the board implementation and effective enforcement.
Musadik Masood Malik while speaking at the launch of research report by Oxford Economics UK on the positive economic impact of Pakistan Tobacco Company (PTC) on Pakistan’s economy acknowledged the economic and social contributions made by the company in last 75 years.
The report celebrated PTC’s positive association with Pakistan since its inception and its contribution to the country’s GDP, taxation, employment, foreign investment and corporate social responsibility.
He stated that PTC had contributed more than Rs450 billion in FED & GST revenue in the last 5 years to the country’s economy. He recognised the threat by the illicit sector and acknowledged that success of a track & trace system depends on across the board implementation and effective enforcement. The Minister announced that all legal and enforcement machinery at the government’s disposal will be used to ensure that eradication of illicit cigarettes is realized.
Speaking on the occasion, the Group Head of International Trade & Fiscal Affairs for BAT Donato Del Vecchio shed light on two significant investments in Pakistan. The first, setting up of a tobacco free nicotine containing oral manufacturing plant that is a global centre of excellence for developing, manufacturing, and exporting BAT’s portfolio of reduced risk new category products. Secondly, the establishment of BAT’s New Global Business Services hub. Together, these investments account to more than $45 million injected in Pakistan’s economy.
The CEO & MD PTC, Ali Akbar quoted the report and commented that in 2021, the company contributed Rs133 billion in total taxes to the national exchequer, becoming one of the largest taxpayers in the country. The Company embarked on its Made in Pakistan journey for exports in 2018 and last year alone, 37.2 million dollars’ worth of product was also exported from Pakistan.
Over and above this tax contribution, PTC’s traditional business and its value chain made a total contribution of Rs122 billion to Pakistan GDP in 2021 and the company generated over 76,000 direct, indirect jobs and induced jobs.
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