1- THE NFC AWARD
2- CED ON IMPORT OF RAW SUGAR
3- AN EXPORT-IMPORT BANK FOR PAKISTAN

 

CED ON IMPORT OF RAW SUGAR

 

Protecting the local sugar industry

 

By SYED M. ASLAM
Aug 19 - 25, 2002
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The Economic Coordination Committee (ECC) of the cabinet levied Rs 5 per kilogram central excise duty on the import of raw sugar last week. The tax, one of the three options including regulatory duty and increase in the rate of sales tax from 15 to 20 per cent at the import stage proposed by the ministry of commerce was imposed to discourage import of sugar whose prices have fallen over the last year in the international market. This in turn was aimed at protecting the local sugar industry from imported sugar industry in particular and the agriculture sector in general.

According to the report the meeting headed by Finance Minister Shaukat Aziz was told that the FOB price of white sugar has fallen from $ 239 per ton last year to $ 227 per ton at present. The $12 decrease in the international price of sugar over the last year means a much lower landed price in the country due to massive erosion in the value of dollar which has shed around 7 rupee