Super Tax Proposed in upcoming Budget
Staff Report
Islamabad: The ministry of Industries has proposed the introduction of a super tax in upcoming budget to bring Pakistan’s corporate tax structure at par with regional standards.
Special Assistant to the Prime Minister on Industries and Production Mr. Haroon Akhtar Khan proposed it during a high level meeting on budget proposals.
He directed for revisions in the budget proposals, emphasizing the need for tax reforms to uplift the industrial sector. He proposed the introduction of a super tax to bring Pakistan’s corporate tax structure at par with regional standards.
A high-level meeting was held under the chairmanship of Special Assistant to the Prime Minister on Industries and Production, Mr. Haroon Akhtar Khan, to review budget proposals for the upcoming fiscal year concerning the industrial sector.
The meeting was attended by Secretary of the Ministry of Industries and Production Mr. Saif Anjum, representatives from the Engineering Development Board (EDB), and the Small and Medium Enterprises Development Authority (SMEDA).
The participants discussed various key issues including the promotion of local manufacturing, import and export of raw materials, and the structure of Customs Duties (CD), Regulatory Duties (RD), and Additional Customs Duties (ACD). The Ministry proposed a 20% Regulatory Duty on LED lighting products.
Mr. Haroon Akhtar Khan directed for revisions in the budget proposals, emphasizing the need for tax reforms to uplift the industrial sector. He proposed the introduction of a super tax to bring Pakistan’s corporate tax structure at par with regional standards.
In line with the Prime Minister’s vision, the Special Assistant stressed the importance of creating a business-friendly environment to encourage investment in the industrial sector. He also highlighted the need to support local industries and facilitate small and medium enterprises (SMEs).U.S Reciprocal Tariffs’ Impact on Pakistan and Listed Cos
Furthermore, Mr. Haroon Akhtar instructed the concerned departments to identify and eliminate obstacles hindering industrial development to ensure asustainable economic growth in the country.
