The Trading Corporation of Pakistan (TCP) has reportedly rejected all offers in its international tender for 100,000 tonnes of sugar, European traders said on Wednesday.
As per reports, price offers were submitted on October 6, with validity extended until October 14 to allow the TCP several days of negotiation before finalizing a purchase. The move comes as Pakistan seeks to import a total of 500,000 tonnes of sugar to control rising retail prices and maintain market stability.
Recently, the Federal Board of Revenue (FBR) granted major tax exemptions to TCP and the private sector for the import of 500,000 metric tons of sugar.
The FBR’s latest decision includes an exemption from customs duty on the specified quantity of sugar, alongside a reduction in the sales tax rate, which has been cut from 18% to 0.25%. Additionally, the withholding tax on sugar imports has been reduced to 0.25% by both the Trading Corporation of Pakistan (TCP) and the private sector.
