The federal government has allowed private sector to import 0.75 million tons of white sugar on first-cum-first-served basis with the incentive of sales tax and excise duty waiver provided the sugar reaches the country before 1st of June 2010, positively.

According to a press release issued by the Ministry of Industries, the government has taken this decision to overcome sugar crisis by maintaining regular supply and availability of the commodity in the open market and to contain prices to the maximum.

To implement the National Sugar Policy 2009-10, the Ministry of Industries had basically prepared a summary of this proposal with the consensus of all other relevant ministries for allowing private sector to import white sugar with the tax waiver incentives. The ministry placed this summary before the Economic Co-ordination Committee of the Cabinet for approval, which the latter approved in its meeting on 12-1-2010. Meanwhile, the Cabinet Division on Wednesday issued corrigendum of its earlier letter issued on January 16, 2010.-PR

Copyright Business Recorder, 2010