Major tobacco firm initiates shutdowns as smuggled, illicit cigarettes flood market
PTC fears that exponential increase in illicit cigarettes may lead to business shutdown
After PTC, Philip Morris also shows concerns over smuggling, sale of illicit cigarettesÂ
ISLAMABAD: The Pakistani tobacco industry is facing major challenges as the sale of illicit cigarettes has spiked following a massive increase in...
Pakistan’s tobacco exports surge 137pc YoY in July
ISLAMABAD: Pakistan’s tobacco exports have increased by 137.53 per cent to $2.171 million in July, the first month of fiscal year (FY)...
Pakistan Tobacco Company’s profit increases 7.95pc to 7.6bn in six months
LAHORE: Pakistan Tobacco Company Limited (PAKT) on Friday released its financial results for the half year ended June 30, 2020 announcing that...
How a rift in Pakistan’s tobacco industry determines how cigarettes are taxed and not the government
Local and multinational tobacco companies engage in brutal lobbying and media wars to try and tax each other out of business and influence.
Govt rejects recommendation of imposing of sin tax on tobacco and beverages
The recommendation of sin tax was put forth by MNHS for the financing of insurance scheme and fatal diseases programme of Prime Minister Imran Khan
TRC decides to refine system for valuation of immovable properties
Hence, it has been agreed upon to survey the likelihood of effectively utilizing the National Database and Registration Authority (Nadra) data for bringing potential people into the tax net
Additional revenue measures of up to Rs150 billion expected in upcoming mini-budget: Report
The brokerage house said the hike in interest rate by 425 basis points and rupee devaluation of 24% since December 2017 have cumulatively increased annual debt servicing requirement of government by Rs700-800 billion
Legal cigarette sales decline 7.4% in 2017: Oxford Economics
According to the report, actual government revenues were estimated to have increased by 8.3 per cent in fiscal year 2017/18, underpinned by an acceleration in legal domestic sales, which rose by an estimated 73.9% over the same period
NAB to expand investigation into Rs60 billion tax evasion by cigarette industry
The Auditor General of Pakistan (AGP) office said the cigarette industry was involved in tax evasion to the tune of Rs33 billion
Legit manufacturers demand govt to restrict sale of illicit cigarettes
Most of these illicit cigarettes having approximately 35% market share are produced in Azad Kashmir and Khyber-Pakhtunkhwa claimed the stakeholders
NAB widens investigation into lower tax collection from tobacco sector
The introduction of the three-tier tax system for the tobacco industry resulted in a massive fall in tax revenue collection of Rs33 billion, which is a major contributor to the public exchequer
Senate body demands report from FBR over tobacco revenue shortfall
ISLAMABAD: A special committee of the Senate on the decline in tax collection from the tobacco industry has sought a report in...
PTC cautions its sales will be impacted, if govt restores two-tier tax system
According to the formal sector, the creation of the third-tier helped to dent illicit cigarette trade from 41.2 percent to 33.3 percent in a span of one year
Senate Committee gives FBR a fortnight to report on tax collection decline from tobacco
Present on the occasion, the FBR officials said, decline in tax collection was because of fake and illegal (smuggled and non-custom paid) cigarettes