ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved an increase in cess rates as a percentage of the minimum indicative price for various types/varieties of tobacco crops between 2.13 to 2.67 percent.

The ECC meeting presided over by Finance Ministry on Friday – 3rd June 2022 was submitted a proposal by the Ministry of National Food and Security for revision of cess rates on tobacco for the year 2022-23.

The ministry proposed an increase in cess rates for Flue Curved Virginia (FCV) plain area and sub mountainous from existing Rs5.25 per kg to Rs6 per – 2.45 and 2.13 percentage point of the price respectively – dark aired curved tobacco from Rs2.9 to Rs3.60 per kg – 2.41 percentage of the price – besides different rates of various other varieties.

According to the details, Pakistan Tobacco Board (PTB) has been established under the Pakistan Tobacco Board Ordinance 1968 (I of 1968) (Annex-I) mainly to regulate, control, and promote the export of tobacco, and tobacco products, undertake research in tobacco and develop new tobacco growing areas.

Copyright Business Recorder, 2022