LAHORE: The sugar industrialists have expressed their willingness to further boost tax-to-GDP ratio for the revival of economy in the country.
Pakistan Sugar Mills Association (PSMA) Punjab zone Chairman Javed Kayani, while talking to media, said that announced that sugar industry was ready to work with Federal Board of Revenue (FBR) to enhance tax net. He said that despite restrictions on sugar export, the industry was contributing Rs18 billion in national exchequer annually, besides earning a foreign exchange of $1 billion.
“We are ready to join hands with FBR to unearth new taxpayers, but tax department should also consult the real stakeholders before formulating tax policies,” he said, adding that FBR would have to consult the real stakeholders to understand the complexities and difficulties of the industry, instead of relying on fake and bogus reports.
The PSMA Punjab Chairman observed that FBR, for the last two years, has been invoking the provision of Section 40-B of the Sales Tax Act, which empowers the Inland Revenue officer to monitor production, sale of goods and stocks at the sugar mills.
Javed Kayani said that Rs350 billion-worth sugar industry was not only providing livelihood to hundreds of thousands of villagers directly and indirectly, but also contributing over Rs200 billion annually in rural economy by purchasing sugarcane from growers. The sector also makes investment of up to Rs15 billion annually on technology upgradation, machinery update and co-generation, he added.