PANAH for levying taxes on sugary drinks, cigarettes
Pakistan National Heart Association (PANAH) General Secretary and Director Operations Sanaullah Ghumman on Saturday said this year's budget was crucial and important for the government and urged the Prime Minister and Finance Minister to levy taxes on sugary drinks and cigarettes to control heavy disease burden in the Budget 2022-23.
Ghumman said Prime Minister of Pakistan Shahbaz Sharif and Finance Minister Muftah Ismail were holding important meetings for the forthcoming budget, in which budget related proposals were being discussed, adding, "We urge the government, as a public representative, to seriously consider raising taxes on tobacco and sugary drinks, the two nonessential factors contributing to the rise in disease", said a news release.
An increase in taxes on them would not only generate an annual revenue of Rs 105 billion to the national exchequer, but would also significantly reduce the health burden and reduce the incidence of diseases. This revenue would help in the completion of development projects, he added.
Smoking and intake of sugary drinks was making people sick badly specially our young generation causing many dangerous diseases including heart, obesity, diabetes, cancer, he warned.
"Many researchers said that One of effective way to prevent this is to increase taxes," he underlined.
Sanaullah Ghumman appealed to the Prime Minister and the Finance Minister that it is the duty of the government to safe the health of the people.
"Smoking and sugar sweetened beverages are not a sign of health, they are one of major cause of diseases, the government should increase taxes on them, so that the health problems of the people can be solved," he ended.
State Bank of Pakistan has imposed penalties of over Rs 100 million on four banks including a public sector bank, an Islamic bank, and a microfinance bank against violations of rules and regulations of various nature.
According to enforcement orders issued, the banking watchdog penalized three commercial banks and one microfinance separately with an overall penalty of Rs. 108.9 million during the first quarter of January to March 2022, said SBP release on Thursday.
Albaraka Bank has been slapped with a penalty of Rs.l 40.90 million on the violation of regulatory instructions pertaining to AML/CFT, asset quality, foreign reserves, and general banking operations.
In addition to penal action, the bank has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
Askari Bank Limited was fined Rs38.5m for the violation of regulatory instructions pertaining to CDD/KYC, asset quality, and general banking operations.