ISLAMABAD - Fair Trade in Tobacco (FTT) on Saturday praised the government’s recent initiative to crack down on tax evaders, emphasizing the critical need for enforcement in all sectors. However, FTT expressed concern over the omission of the tobacco industry from the government’s efforts despite the sector being responsible for over Rs300 billion in annual tax evasion, said a news release. The FTT urged the Federal Board of Revenue (FBR) to implement the Track and Trace System (TTS) across all tobacco manufacturers, particularly targeting illicit operators in Khyber Pakhtunkhwa. Meanwhile, FTT Chairman Muhammad Amin urged the government to prioritize this issue, highlighting that the tobacco sector could generate over Rs500 billion in taxes annually if adequately regulated. The FTT, a leading platform representing responsible tobacco growers across Punjab, lauded the recent government initiative to tackle tax evasion in several key sectors.

Source: The Nation October 20, 2024 05:04 UTC