Govt sets target to retrieve Rs 60bn in tax from tobacco industry, According to a reports, the federal government is intensifying efforts to combat tax evasion by cracking down on cigarette smuggling in the upcoming budget for 2024-25. The government aims to recover an estimated Rs 60 billion through these measures.
Close sources disclosed that a commission has been entrusted with the task of collecting this substantial sum. The forthcoming budget is anticipated to introduce stringent measures targeting smuggling and non-duty paid goods.
Reports indicate that shops found selling smuggled or non-duty paid cigarettes will face fines, and repeat offenders will have their shops sealed starting from the next fiscal year. This initiative is viewed as pivotal in tackling illicit activities within the tobacco market and ensuring adherence to tax regulations.
The International Monetary Fund (IMF) has given its approval to the proposals presented by the Federal Board of Revenue (FBR). As per existing legislation, smuggled and non-duty paid cigarettes will be confiscated.
In order to enforce these measures effectively, the FBR has initiated actions such as the temporary closure of shops engaged in illicit trade.
