17.7 C
Islamabad
Monday, December 6, 2021

Engro Fertilizers recognized as largest taxpayer in fertilizer sector

Must read

PM to launch KJSD today

Announces Tamgha i Shujaat for Adnan for role to save Sri Lankan citizen ISLAMABAD: Prime Minister Imran Khan will inaugurate the largest sports programme in...

PDM prepares plan for long march, resignations

Recommendations will be presented in the PDM summit today ISLAMABAD: Pakistan Democratic Movement (PDM) has prepared recommendations in support of long march and resignations from...

Riphah Institute organizes first International hybrid Conference

Staff Reporter ISLAMABAD: Riphah Institute of Lifestyle Medicine, in collaboration with the Pakistan Association of Lifestyle Medicine, organized recently their first International hybrid titled “Role of...

Spokesman Report

ISLAMABAD: Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, has been recognized as the “Largest Taxpayer in the Fertilizer Sector”, in a ceremony held at the Aiwan-e-Sadr.

Nadir Qureshi, CEO of Engro Fertilizers, received the award from the Honorable President Dr. Arif Alvi, who was the chief guest on this occasion. According to Nadir Qureshi, “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 that “the fertilizer industry in Pakistan operates at the highest level of transparency, with all companies listed and contributing high tax revenues to the Government. Our 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.”

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. 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 Rs 363 billion in 2021 as well.

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.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

PM to launch KJSD today

Announces Tamgha i Shujaat for Adnan for role to save Sri Lankan citizen ISLAMABAD: Prime Minister Imran Khan will inaugurate the largest sports programme in...

PDM prepares plan for long march, resignations

Recommendations will be presented in the PDM summit today ISLAMABAD: Pakistan Democratic Movement (PDM) has prepared recommendations in support of long march and resignations from...

Riphah Institute organizes first International hybrid Conference

Staff Reporter ISLAMABAD: Riphah Institute of Lifestyle Medicine, in collaboration with the Pakistan Association of Lifestyle Medicine, organized recently their first International hybrid titled “Role of...

NCSW organizes cycling activity to curb gender violence

ISLAMABAD: National Commission on the Status of Women in collaboration with Bardasht, Urban Innovation, ICT Administration, Islamabad Cycling Association, Islamabad Traffic Police, Tiger’s Force,...