ISLAMABAD: National Assembly Speaker Asad Qaiser's efforts for tobacco farmers over the last two years have yielded results with an increase in export of over 137 percent of the produce in the first month of the ongoing financial year after withdrawal of advance tax on tobacco leaf.
The withdrawal of the advance tax on tobacco has helped the country increase exports of the crop by 137.53 percent during the first month of current fiscal year (2020-21) as compared to the exports made during corresponding period of last fiscal year.
National Assembly Speaker Asad Qaiser had taken up the issue of the advance tax with the Federal Board of Revenue (FBR) on the demand of the tobacco farmers before the last budget.
The speaker helped the farmers get the advance tax of Rs500 per kilogram on the crop abolished.
The Pakistan Tobacco Growers Association had assured the speaker that withdrawal of the advance tax would help the country create more jobs in the industry and increase exports of the produce.
The farmers said that they had fulfilled their promise by helping the country increase tobacco exports while thanking Speaker Asad Qaiser for his timely intervention to get the advance tax withdrawn.
They said that Pakistan was producing quality tobacco crop, and there was a huge potential for its exports, hoping that the country could earn a sizeable foreign exchange through it.
The speaker is also heading a National Assembly Special Committee on Agricultural Products to formulate viable policies to boost the agriculture sector and the income of the farmers.
The Pakistan Bureau of Statistics data shows that tobacco exports from the country were recorded at US$2.171 million during July 2020 against the exports of $0.914 million during July 2019, showing a growth of 137.53 percent.
In terms of quantity, the exports of tobacco increased by 151.87 percent by going up from 268 metric tons to 675 metric tons, according to the data.
The monthly comparison of the exports revealed that the exports of tobacco witnessed a decrease of 32.14 percent during July 2020 when compared to the exports to the tune of US$3.199 million in June 2020, the month-on-month basis data added.
Copyright Business Recorder, 2020