KTC has raised concerns over the recent decline in its cigarette sales, attributing it to a sharp rise in the smuggling of international cigarette brands in Pakistan. This surge in illicit trade poses a significant threat to the company's operations and the local market.
The tobacco manufacturing entity emphasized the importance of continued vigilance and collaborative efforts among policymakers and enforcement agencies to combat the smuggling of cigarettes effectively. Addressing this issue is crucial not only for safeguarding the interests of legitimate businesses like KTC but also for protecting consumers from potentially harmful counterfeit products.
Despite facing challenging circumstances, KTC remains steadfast in its commitment to providing quality products to its customers while complying with local fiscal regulations. The company's dedication to upholding standards and contributing to the local economy underscores its resilience in the face of adversity.
Khyber Tobacco Company Limited (KTC) was the first tobacco manufacturing company to implement track and trace tax stamps on its products and is committed to be truly compliant to all applicable health and fiscal regulations and to contribute to community development through our robust CSR program.
In a statement, the company said that implementing the track and trace stamps not only enhanced traceability but also signified the company's dedication to upholding fiscal responsibilities within the country.
KTC being a leading publicly listed national company in the tobacco industry in Pakistan acknowledged the efforts of the Federal Board of Revenue in its crackdown on illicit sectors. However, a lot more needs to be done to get rid of the cigarettes smuggling menace in Pakistan. The unchecked increase in smuggling does not only jeopardize the government revenue but also kills the national companies which are finding it hard to sustain in such an environment.
Furthermore, KTC takes pride in its progressive stance as the first-ever tobacco company in Pakistan to be led by a woman CEO. This milestone underscores the company's commitment to diversity and inclusivity in its leadership ranks.