Pakistan govt 'prepares' for crackdown on tax evasion in sugar sector

ISLAMABAD: Amid rising sugar prices in Ramadan, Prime Minister Shehbaz Sharif has summoned a special meeting to stablise the rates of the commodity across Pakistan, ARY News reported on Wednesday, citing sources.

According to details, Pakistan authorities are preparing for a major crackdown on tax evasion in the sugar sector to ensure price stability.
Action against counterfeit track-and-trace systems in the sugar industry is on the cards. Authorities will also crack down on reusing tracking codes on sugar bags.

According to sources, despite sufficient sugar stocks availability in the country, enough to last until October, the prices are skyrocketing.

The sources further say, by February, 56 million tonnes of sugarcane had been brought for crushing, from which sugar mills produced 5.3 million tonnes of sugar.
Pakistan’s previous stock levels of sugar stood at 950,000 tonnes, while mills currently hold between 4 to 4.5 million tonnes in reserves.

Read more: Govt decides to import raw sugar to stabilize prices

Meanwhile, the federal government has decided to import raw sugar (Shakkar) to stabilize sugar prices in the country and provide relief to the consumers.

The import of raw sugar (Shakkar) would help in bringing down prices of sugar in the country, according to a press release issued by the government here.

The import of raw sugar would also help increase future sugar production as it could be refined and converted into sugar locally.

The decision to import raw sugar aims to control sugar prices in the local market and provide sugar to consumers at reasonable rates.