Tobacco causes negative contribution to national economy

01:08 AM | 29 May, 2023
Tobacco causes negative contribution to national economy

LAHORE - Increased tobacco taxation is a win-win situation for the government and the people of Pakistan provided that the government remains steadfast in its decision of increasing tobacco taxation.

This argument was raised during an event organized by the Society for the Protection of the Rights of the Child (SPARC) with the Federal Board of Revenue FBR and Elected Representatives. The event explored the economics of tobacco, the health cost burden and tactics of the tobacco industry in the presence of key journalists to gather support for the Federal Board of Revenue’s (FBR) track and trace system.

Malik Imran, Country Head, Campaign for tobacco-free kids (CTFK), mentioned that the tobacco industry caused a 615 billion rupee economic burden to our country therefore it must be taxed heavily and regularly. He mentioned that due to the government’s decision of increasing Federal Excise Duty (FED) on cigarettes in February 2023, an additional 11.3 billion FED revenue and 4.4 billion VAT revenue was obtained in the fiscal year 2022-23.

This additional revenue makes up 0.201% of our GDP which is a significant boost for a struggling economy like Pakistan. Imran stated, that the Illicit trade is an excuse used by the tobacco industry to avoid taxes. In reality, the tobacco industry practices underreporting where they hide their actual production figures to avoid taxes. Cigarette manufacturers also shift the tax burden to consumers to increase their own profitability.

Mr Rizwan Sarfraz, Additional Project Director, Track and Trace System, FBR, mentioned that the track and trace system (TTS) implemented by the Federal Board of Revenue (FBR) in Pakistan has achieved several goals. These include technology-based monitoring, increased transparency, improvement in tax compliance, and a reduction in the prevalence of counterfeit goods in the country. He mentioned that since the production of cigarette sticks decreased by 6.5% from July-December 2021 to July-December 2022 and during the same time FBR's tax collection improved by 11.75. This is a major achievement of the Track and Trace System.

Nisar Ahmed Cheema, Member National Assembly, said all stakeholders must work tirelessly to ensure that the health of Pakistanis doesn't suffer at any cost. He mentioned that FBR's track and trace system must be implemented in all companies so that important tax revenue is not lost. He also urged the parliamentarians to work for a consistent and adequate increase in tobacco taxation.

Dr Ziauddin Islam, Former Technical Head, Tobacco Control Cell, Ministry of Health, said that the annual 337,500 deaths from tobacco and 615 billion economic burdens require sustainable measures. Pakistan should increase tobacco taxes at regular intervals to reduce consumption and generate revenue.

Khalil Ahmed Dogar, Program Manager SPARC said that to protect the children from the harms of tobacco all stakeholders must cast their differences aside and unite to protect our children and youth from an industry which is causing billions of losses to the national exchequer. Increasing tobacco taxes is such a step which should be regularly implemented.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 29, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 29, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 286.05 289.15
Euro EUR 307 310
UK Pound Sterling GBP 353.3 357
U.A.E Dirham AED 80 80.8
Saudi Riyal SAR 76 76.75
Australian Dollar AUD 189 191
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.24 40.64
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.63 1.71
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – September 30, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Saturday.

The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 30 September 2023

City Gold Silver
Lahore PKR 205,600 PKR 2,450
Karachi PKR 205,600 PKR 2,450
Islamabad PKR 205,600 PKR 2,450
Peshawar PKR 205,600 PKR 2,450
Quetta PKR 205,600 PKR 2,450
Sialkot PKR 205,600 PKR 2,450
Attock PKR 205,600 PKR 2,450
Gujranwala PKR 205,600 PKR 2,450
Jehlum PKR 205,600 PKR 2,450
Multan PKR 205,600 PKR 2,450
Bahawalpur PKR 205,600 PKR 2,450
Gujrat PKR 205,600 PKR 2,450
Nawabshah PKR 205,600 PKR 2,450
Chakwal PKR 205,600 PKR 2,450
Hyderabad PKR 205,600 PKR 2,450
Nowshehra PKR 205,600 PKR 2,450
Sargodha PKR 205,600 PKR 2,450
Faisalabad PKR 205,600 PKR 2,450
Mirpur PKR 205,600 PKR 2,450


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