'The company's new product, which received a nod from the US authorities last year, can be introduced in
On
The 'heat not burn' tobacco device made by
'We have launched the product in 53 countries, including
He maintained that promotion of low risk products was the topmost priority of his company and in this regard, over
On a query, the PMPKL MD said keeping in view the prevailing situation and the challenge of competing with the parallel illegal business of tobacco in the country, his company has no major investment plan in
Regarding the government's plan to introduce a 'rationalized tariff' after approval from the National Tariff Board, the MD said that the government has always been increasing taxes on cigarettes to 'discourage' the consumption in the country. 'However, let alone fall in consumption, these higher taxes have ultimately benefited illegal businesses, which now enjoy more or less 40pc market share.'
He said that this 40pc comprised local manufacturers who were not only evading taxes by showing less production and under invoicing, but also selling cigarettes on lower prices, which was yet another breach of the law of the land.
'This is causing an annual
He said that higher taxes were actually harming registered companies that largely contribute to the national revenue in terms of taxes and regulatory duties. 'Illegal cigarette is capturing more market in the country as the government is yet to take meaningful action against the practice. Althrough we welcome the government's announcement to launch crackdown against the traders/businessmen involved in selling counterfeit cigarettes through a Track and Trace System, the full implementation of the initiative is still awaited.'
© Pakistan Press International, source