PTC rebuts misleading tax loss figures

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ISLAMABAD: Pakistan Tobacco Company (PTC) on Friday expressed concern about the recent misinformation spread across the media regarding loss to the national exchequer due to non-payment of taxes by legitimate tobacco companies. PTC officials have expressed their concerns about the figures presented by an Islamabad-based think tank, showcasing a substantial revenue loss inflicted upon the national exchequer by legitimate tobacco companies around Rs 567 billion, said a news release. It is important to note that this figure is incorrect, misleading and detached from ground realities. The only loss incurred to the Government of Pakistan by the tobacco industry is because of tax evasion of illicit manufacturers as the legitimate industry pays all applicable duties and taxes. The misrepresented number is for accumulated loss over a decade, which has unfortunately been overlooked in much of the discourse following the report’s release. This oversight has led to misconceptions and potentially skewed perceptions of the legitimate tobacco industry’s economic impact. DNA