Engro Fertilizers recognised as sector’s largest taxpayer

Staff Reporter BOL News

25th Oct, 2021. 09:47 pm
Engro

File Photo

KARACHI: Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, has been recognised as the “Largest taxpayer in the fertilizer sector”, in a ceremony held at the Aiwan-e-Sadr, a statement said on Monday.

Nadir Qureshi, CEO of Engro Fertilizers, received the award from President Dr Arif Alvi, who was the chief guest on the 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 wellbeing of the farmers of Pakistan.”

Qureshi said: “The fertiliser industry in Pakistan operates at the highest level of transparency, with all [the] 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 the fertiliser companies. This makes the government of Pakistan an equal partner in the earnings of the fertiliser sector.”

He appreciated the government for enabling the domestic fertiliser sector provide adequate and affordable supply of urea to the farmers in the country, despite the steep rise in the international prices.

The continued government’s support will ensure the farmers’ wellbeing and even higher tax contributions from the fertiliser industry.

Qureshi said that the fertiliser 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 the international level and is currently delivering a discount of Rs5,000/bag, compared with the global market.

Through import substitution, the fertiliser sector will contribute more than $3 billion towards reducing the trade deficit in 2021. As a result of the significantly lower prices, the local fertiliser industry will save farmers from an additional burden of Rs363 billion in 2021, as well.

The ceremony was organised by the Rawalpindi Chamber of Commerce and Industry (RCCI) and the Federal Board of Revenue (FBR) to appreciate the contribution of leading taxpayers and business institutions in the development of the economy, while also highlighting the government’s efforts to facilitate the taxpayers.

The event was also attended by Federal Minister for Privatisation Muhammadmian Soomro, senior FBR and government officials, RCCI president Nadeem Rauf and other prominent business personalities.