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What’s the connection between X trend ‘PakLoss_567Billion’ and cigarette industry?

08:05 PM | 7 Mar, 2024
What’s the connection between X trend ‘PakLoss_567Billion’ and cigarette industry?
Source: Social media

LAHORE – The tobacco sector of Pakistan has come under public radar over alleged losses of Rs567 billion to national kitty due to their inappropriate tax practices. 

“#PakLoss_567Billion” is trending on social media platform X, formerly Twitter, with a news channel report, explaining that the World Bank has asked the Pakistani government to increase federal excise duty on tobacco sector. 

The World Bank in its report, according to the TV report, highlighted that the duty collected by the government from this sector is insufficient. It said the government’s FED collection in 2021 stood at 0.5% of the GDP, while it was 0.19% from cigarette industry. 

A user wrote, “567 billion has been lost as a result of the tax practices used by two large tobacco giants. It's time to curb their power in order to safeguard the interests of our country over those of corporations”. 

Here are more reactions from social media users:

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 18 April 2024

Pakistani currency continues to gain against US Dollar and other currencies on April 18, 2024. US dollar was being quoted at 277.2 for buying and 280.3 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 18 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.2 280.3
Euro EUR 293 296
UK Pound Sterling GBP 342.25  345.65 
U.A.E Dirham AED 75.25  75.95
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 739.63 747.63
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.32 3.43
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 912.91
Malaysian Ringgit MYR 58.24 59.52
New Zealand Dollar NZD 164.75 169.63
Norwegians Krone NOK 25.42 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.56 7.76

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