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.
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.
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.
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.
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.
Two big sugar companies in northern Mindanao resumed milling operations on 20th April, reported CNN.
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.
The family-owned Sáenz Group has put up its three mills for sale for MXN7 billion (US$360 million), according to local press reports.
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.
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.