Pakistan Tobacco Company Seeks to Brief FBR Chairman on Economic Contribution

Source from:  Business Recorder  03/07/2014

Pakistan Tobacco Company Limited (PTC) has approached the Federal Board of Revenue (FBR) to brief FBR Chairman Tariq Bajwa on the economic contribution of the tobacco industry in Pakistan, an attempt to portray a positive image of cigarette manufacturers.

Sources said on Wednesday that the multinational company trying to meet the tax authorities of the FBR with the objective to make a presentation on positive aspects of the tobacco sector on the economy as well as general public. It is yet to be seen whether the FBR Chairman is ready to hear about economic benefits of tobacco sector when the FBR is proposing increase in the FED on cigarettes in the remaining period of 2013-14.

The company has requested the FBR to give time of meeting on March 25, 2014, sources added.

According to a letter issued by Asad Shah, Head of Regulatory Affairs of the company to the FBR, the PTC, a member of the British American Tobacco (BAT) Group, is one of the oldest multinationals to invest and operate in Pakistan. During the last fiscal year, It contributed more than Rs 50 billion to the national exchequer, making it one of the largest revenue contributors in the private sector.

British American Tobacco's Global head of Corporate and Regulatory Affairs, Donato Del Vecchio, who is based in United Kingdom, is visiting Pakistan and would greatly appreciate an opportunity to call upon tax managers. During the courtesy call, Mr Donato Del Vecchio would also like to present a latest research report on the economic contribution of the tobacco industry in Pakistan.

According to the said research, the tobacco industry plays a vital economic role by providing livelihood to more than 1.15 million people associated with the industry throughout its supply chain, ranging from farming to manufacturing and from distribution to retail. Enditem