Pakistan’s Tobacco exports rise by 137%
The removal of the advance tax on tobacco has helped the country to increase exports of the crop by 137.53%.
Pakistan’s tobacco industry has witnessed a rise in export of over 137% of the produce in the first month of the ongoing financial year.
This has been due to the National Assembly Speaker Asad Qaiser’s efforts to withdraw the advance tax on tobacco leaves over the last two years.
The removal of the advance tax on tobacco has helped the country to increase exports of the crop by 137.53% during the first month of the current fiscal year (2020-21) compared to the exports made during the last fiscal year.
Asad Qaiser had taken up the advance tax issue with the Federal Board of Revenue (FBR) on the request of the tobacco farmers before the last budget.
The speaker aided the farmers to get the advance tax of Rs.500 per kilogram on the crop terminated.
The Pakistan Tobacco Growers Association had convinced the speaker that the advance tax withdrawal would aid the country to create more jobs in the industry and increase exports of the produce.
The farmers said that they had executed their promise by aiding the country to increase tobacco exports. They also thanked Speaker Asad Qaiser for his timely intervention to get the advance tax withdrawn.
Moreover, the association said that Pakistan was producing quality tobacco crop, and there was vast potential for its exports, anticipating that the country could earn a sizeable foreign exchange through it.
The speaker is also leading a National Assembly Special Committee on Agricultural Products to plan viable policies to uplift the agriculture sector and the farmers’ income.
The Pakistan Bureau of Statistics (PBS) data shows that tobacco exports from the country were recorded at US$2.171 million throughout July 2020 against the exports of $0.914 million during July 2019, manifesting a growth of 137.53%.
As per the data, the exports of tobacco increased by 151.87% in terms of quantity by increasing from 268 metric tons to 675 metric tons.
The monthly comparison of the exports disclosed that the exports of tobacco witnessed a decrease of 32.14% during July 2020 when compared to the exports to the tune of US$3.199 million in June 2020
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