Sugar prices surge to Rs160 per kg as govt considers new tax measures
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The price of sugar has soared to Rs160 per kilogram in retail markets across Pakistan, adding to the burden of inflation-stricken consumers.
According to the latest Pakistan Bureau of Statistics (PBS) report, the highest sugar prices are being recorded in Islamabad, Rawalpindi, and Karachi, where consumers are paying Rs160 per kg for the essential commodity.
The sugar is sold at Rs155 per kg in Gujranwala, Sialkot, Khuzdar and Quetta, while the commodity’s per kg rate is Rs150 in Faisalabad, Sargodha, Multan and Larkana.
In Rawalpindi and Lahore, the commodity is sold at Rs150 per kg, while in Sargodha, Multan and Gujranwala, the sugar per kg rate is Rs145.
In Bannu and Quetta the per kg sugar price is Rs150, while in Hyderabad Rs148 per kg and in Bahawalpur and Sukkur, the sugar price is Rs145 per kg.
The persistent increase in sugar prices is a significant concern for the public, particularly with inflationary pressures already impacting other essential goods.
Amid rising prices, the government is considering imposing a Federal Excise Duty (FED) on sugar in a bid to address the ongoing tax revenue shortfall. This move comes ahead of the International Monetary Fund (IMF) review, which is crucial for securing the second tranche of Pakistan’s loan program.
Reports indicated that the Minister of State for Finance, the Chairman of the Federal Board of Revenue (FBR), and the Secretary of the Ministry of Finance have drafted multiple proposals, including:
As per details, the government is reportedly considering FED on the sugar to minimise the tax shortfall ahead of IMF review for the second tranche of the ongoing loan programme.
Proposals to levy FED per kilogram of sugar have been forwarded to PM Shehbaz Sharif for approval, alongside suggestions to revise the current sales tax mechanism on sugar.
The proposals have been drafted by Minister of State for Finance, the Chairman of the Federal Board of Revenue (FBR), and the Secretary of the Ministry of Finance.