ISLAMABAD: The Federal Board of Revenue (FBR) on Monday announced ex-mill sugar price for levy of nuisance tax to contain the rising rate of the sweetener.
A nuisance tax notification SRO1027 of 2021 was issued to repair ex-mill sugar price at Rs72.22 per kg. Earlier before the announcement of the budget 2021-22, millers declared cost of sugar at Rs68 per kg in their returns.
In the last budget, the govt had also changed the mode of the nuisance tax levy to the retail level. within the open market, sugar is being sold at Rs104 per kg.
The Pakistan Sugar Mills Association (PSMA) had earlier refused to sell sugar at the government-prescribed ex-mill price of Rs70 per kg. However, PSMA has yet to release its official response on the new ex-mill sugar price.
In a separate meeting to review the worth trend of essential commodities, Special Assistant on Food Security Jamshed Cheema briefed minister of finance Shaukat Tarin on building strategic reserves of essential food commodities namely wheat, sugar, pulses, edible oil/ghee, tomatoes, onion, garlic and chicken to stop hoarding and undue profiteering.
The underlying rationale is to stabilise the costs of things of daily use. the govt will build the strategic reserves by importing 10-20pc of the entire consumption of the staple food items and provide into the market when needed so as to bridge the availability and demand gap. this may check the worth fluctuation effectively.
Mr Tarin directed the ministries concerned to accelerate the import of wheat and sugar and make sure that sufficient stocks are available for smooth supply during the present fiscal year . He also directed the ministries and therefore the Trading Corporation of Pakistan to exercise due diligence and take appropriate measures for risk hedging while floating tenders in international market.
The minister of finance urged the representatives of the provincial governments to require corrective measures for reducing price differential between farm and retail prices. He emphasised the necessity to review the whole food value chain and make sure that the farmers get a commensurate share of market price of their produce.
Mr Cheema stated that farmers must follow the international best practices and appearance into alternate options for perishable commodities like tomato puree, onion powder, garlic powder etc to satisfy peak demand thanks to differences due to the season . this may offer cost-effective products for the consumers also .
National Food Security Minister Fakhar Imam and SAPM on Finance and Revenue Dr Waqar Masood and other senior officials participated within the meeting.
