Prices of cooking oil/ghee up by Rs12 to 20 per kg/litre

[ahlam1399]

LAHORE: The prices of cooking oil/vanaspati ghee will be increased by Rs12 to 20 per kg/litre across the country following the taxation measures made by the Federal Board of Revenue through Finance Act 2019-20.The industry is going to pass on the taxes to the consumers as the government has further increased the Additional Custom Duty (ACD) from 5 percent to 7 percent from existing 2 percent despite the announcement made by the State Minister for Revenue Hammad Azhar and FBR Chairman Shabbar Zaidi that no new taxes will be imposed on the sector. However, final Finance Act 2019-20 document revealed that ACD has been increased by the government on ghee and cooking oil by 5 percent.This was informed by a delegation of the Pakistan Vanaspati Manufacturers Association (PVMA) led by its chairman Tariqullah Sufi along with other representatives of the industry for meeting with Punjab Minister for Industries, Commerce and Trade Mian Aslam Iqbal at the Civil Secretariat Monday. The delegation categorically informed the minister that the prices of ghee and cooking oil will be increased in the range of Rs12 to 20 per kilogramme/litre in the coming days as the government did not fulfill the commitment of not increasing the taxes for the sector.Ch Waheed former chairman of the PVMA also member of the delegation met with the provincial minister. Talking to The News, he said the industry informed the impact of different taxes imposed by the government through Finance Act 2019-20 on the final prices of ghee and cooking oil. “We told the minister that the taxes of different raw material, transporters will also impact the industry which it will pass on to the consumers in consumer price,” he added.Further, the minister asked the industry to keep lowering the price and save the consumers from adverse impact of taxes. However, we informed the minister that the government imposed almost 42 percent of different taxes on ghee and cooking oil products and prices could be brought down by lowering down these taxes.He said the minister asked the industry to come up with calculations of the existing and new taxes impact on the prices after a week, besides asking the government officials concerned to also evaluate the taxation impact and its component in the prices.Meanwhile, an official handout stated a delegation of PVMA met with the minister Mian Aslam Iqbal to review prices of ghee and cooking oil. It was unanimously decided in the meeting that keeping in view the economic situation of the country, difficult decisions should less affect the common man. Delegation also described the problems being faced by ghee industry, on which the minister assured them of resolving them on priority basis. Talking to the delegation, the minister admitted that the country’s economy cannot flourish without solving the problems of industrialists so the government will leave no stone unturned to resolve their problems. He also acknowledged ghee industry’s cooperation to the government and hoped the same in future. The government has been working on clubbing all the taxes for facilitating the industrialists. Industries Secretary Tahir Khursheed, DG Industries and officers concerned were present on the occasion. The delegation included: Kh Arif, Qasim Ali, Amir Khalil, Fayyaz Zafar, Waheed Chaudhry and other industrialists.http://feeds.feedburner.com/~r/com/cwEr/~4/pcxmlJRZKAw

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