LAHORE : The Pakistan Sugar Mills Association (PSMA) urged the government on Tuesday to allow export of surplus stocks of sugar worth US$1 billion available in the country.
The PSMA disclosed to the media that sugar millers had for the last one-year been demanding export of surplus sugar as the Federal board of Revenue (FBR) also check the excessive stocks through its Track and Trace System and other relevant departments also confirmed these stocks; therefore, the federal government should grant permission to export this excess sugar.
The spokesman added that sugar mills would again make surplus sugar amounting to one billion Dollars after the next crushing season.
The prices of sugar were continuously decreasing in the international market and it was necessary to take a decision regarding sugar export at the earliest.
He said that if export of surplus sugar was not allowed, the sugar mills of Pakistan would not be in a position to start new crushing season. Currently, the sugar mills had ample stocks of sugar and the same surplus stock amounting to approximate one billion dollars would be available in the next crushing season, he added.
Earlier The Federal Board of Revenue (FBR) will conduct detailed investigation against the involvement of sugar dealers in the phenomenon of fake supplies in sugar sector.
The phenomenon of fake supplies in sugar sector has exposed the sales of sugar of millions of tons in the name of the small suppliers of medicines and other items.
According to an order of the FTO issued here on Thursday, Federal Tax Ombudsman (FTO) has directed the tax authorities to conduct an incisive investigation on sugar dealers regarding the ongoing fraud in sugar sector.
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