ISLAMABAD: The Pakistan Tobacco Company Limited (PTC) has contributed Rs 34.3 billion to the national exchequer in the form of excise duty, sales tax, income tax and custom duties during first half of 2017 ended at June 30. The company has announced its results for first half of 2017, whereby it posted a net turnover of Rs 18,214 million and earnings per share of Rs 11.65.
Board of Directors, PTC stated that since 2016, illicit sector in cigarettes saw a massive increase, causing a decline in legitimate industry volumes. Turnover and profits of PTC have declined as compared to the same period last year, primarily driven by the growth in illicit sector, which stood at approximately 40% of the total market during the first half of 2017.
They appreciated the fiscal and enforcements measures recently taken by the government to check the rampant growth in illicit trade in the country. They also urged government authorities to continue strict enforcement against illicit trade of cigarettes to ensure sustainability of the government revenues and provide a level playing field to legit industry.
Published in Daily Times, July 28th 2017.
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