ISLAMABAD: State Minister for Revenue Hammad Azhar said the government has imposed tax of Rs3.30 on per kilogramme of sugar but is being sold at excessive rates in the market.The price on which the sugar is being sold in the market is high, he said Monday while talking to media in Islamabad. He said the government has presented a balanced budget in difficult economic conditions the country was passing through right now.After the passage of the budget we will conduct a survey of sugar mills with the help of provincial governments. Azhar said crackdown will be launched against those mills found involved in hoarding sugar.State Minister for Revenue Hammad Azhar while presenting the budget in the National Assembly on July 11 maintained that presently sugar was subject to sales tax at 8 percent. He stressed that there was huge economic potential but tax collection from this sector was Rs18 billion which was much lower than actual potential.To maximise this tax gap and to harmonise its rate with other items it is proposed that the sales tax rate on sugar may be increased to 17 percent, the state minister added. As a result of this measure, the price of sugar was expected to increase by Rs3.60 per kilogramme.
from The News International - National http://bit.ly/2xdxm5u
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