International Sugar Journal

Pakistan – US$3.37 billion tax imposed on 69 sugar mills following a government audit [Full subscriber]

Following the completion of a five-year tax audit of 69 sugar mills by the Federal Board of Revenue (FBR), they have been slapped with a tax of about PKR588 billion (US$3.37 billion) as well as a fine of PKR42 billion for cartelisation, adviser to the Prime Minister on Interior and Accountability Shahzad Akbar said at a press conference.

Read more …

India – Over the past 10 years, privatized sugar mills doubled in Maharashtra [Full subscriber]

The birthplace of the sugar cooperative in India – Maharashtra state – is witnessing a steady decline, paving the way for private mills. According to local press reports, the trend is informed by financial mismanagement, lack of professional approach and mills becoming a source of finance to cater to ambitions of politicians has been ailing the cooperative sugar mills.

Read more …

Pakistan – Surveillance of sugar production in real-time at Sindh’s 29 sugar mills by the tax department in advance stage [Full subscriber]

The tax department Federal Board of Revenue (FBR) has deputed its officials at sugar mills as a stopgap measure until it develops real-time access to video monitoring of crushing and other production processes. This is to stem tax evasion, according to local press reports.

Read more …

Bangladesh – Closure of six-state owned sugar mills announced as losses mount [Full subscriber]

The government has decided to suspend productions at six state-run sugar mills in the current financial year 2020-2021 to minimise the accumulated losses of the Bangladesh Sugar and Food Industries Corporation (BSFIC), according to local press reports.

Read more …

Kenya – Government opts to lease five state-owned sugar mills [Full subscriber]

The Kenyan government has decided not to sell its sugar mills but rather lease them as part of a plan that will see it maintain control of the industry, reported Bloomberg.

Read more …

Philippines – Two sugar mills in Bukidnon resume operations [Full subscriber]

Two big sugar companies in northern Mindanao resumed milling operations on 20th April, reported CNN.

Read more …

Philippines – Coronavirus shuts down two sugar mills in Bukidnon [Full subscriber]

Due to coronavirus-containment measures, two sugar mills have been ordered to shut down.  This could lead to a domestic shortage and trigger price spikes, the country’s farm minister said on 15th April.

Read more …

Mexico – Sáenz Group puts on sale its three mills for US$360 million [Registered]

The family-owned Sáenz Group has put up its three mills for sale for MXN7 billion (US$360 million), according to local press reports.

Read more …

Ethiopia – Government plans to privatise sugar mills [Full subscriber]

The government-owned entity Ethiopian Sugar Corporation (ESC) plans to privatize ten partially completed sugar mills and three older mills that are operating in some capacity, notes the latest USDA attaché report from the country.

Read more …

Pakistan – 15 sugar companies contribute 59% of sales tax from the sector [Registered]

The World Bank and Pakistan’s Federal Board of Revenue (FBR) have analysed the tax gap of three powerful sectors — sugar, cement and steel — and estimated that tax collection could go up by PKR100 billion -150 billion (US$636 million-954 million) on per annum basis with realisation of true potential.

Read more …