Karachi: Engro Fertilizers has been recognized as the "Largest Taxpayer in the Fertilizer Sector", in a ceremony held at the Aiwan-e-Sadr.
According to an Engro announcement, Nadir Qureshi, CEO of Engro Fertilizers, received the award from President Dr. Arif Alvi, who was the chief guest on this occasion.
The ceremony was organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) and Federal Board of Revenue (FBR) to appreciate the contribution of leading taxpayers and business institutions in the development of economy, while also highlighting the government's efforts to facilitate the taxpayers.
The event was also attended by the Federal Minister for Privatization Muhammad Mian Soomro, senior FBR and government officials, President RCCI Nadeem Rauf and other prominent business personalities.
On this development, Nadir Qureshi said that for over 50 years, Engro Fertilizers has remained committed to serving the farmers of Pakistan with world-class products and solutions. "Our contributions to the community and the national exchequer are a testament to our philosophy of doing good while doing well. We fully support the Government's vision of transforming the agricultural landscape and improving the well-being of the farmers of Pakistan", he added.
He said the fertilizer industry in Pakistan operates at the highest level of transparency, with all companies listed and contributing high tax revenues to the government. Fertilizer sector is the only sector whose contributions in taxes to the national exchequer are almost entirely equal to the income provided to the shareholders of fertilizer companies. This makes the Government of Pakistan an equal partner in the earnings of the fertilizer sector, he added.
Qureshi appreciated the Government for enabling the domestic fertilizer sector to provide adequate and affordable supply of urea to farmers in Pakistan, despite the steep rise in international prices.
Continued support from the government will ensure farmer well-being and even higher tax contributions from the fertilizer industry. He stated that the fertilizer industry of Pakistan is internationally competitive and can thrive in a fully deregulated environment, even without any gas subsidies.
He said that the local industry has always provided farmers in Pakistan with urea at prices below international and is currently delivering a discount of circa Rs 5000/bag compared to the global market. Through import substitution, the fertilizer sector will contribute more than $3 billion towards reducing the trade deficit in 2021. As a result of the significantly lower prices, the local fertilizer industry will save farmers from an additional burden of Rs363 billion in 2021, as well.
Copyright Business Recorder, 2021
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