Corporate sector urges to revisit super tax

Corporate sector urges to revisit super tax

ISLAMABAD (APP): The business community Sunday demanded the government to revisit the imposition of a 10 percent super tax on 13 corporate sector entities to provide oxygen to already fragile Industries in the wake of blistering global inflation.
Talking to the media here today, Honorary Coordinator to Federal Tax Ombudsman and Minister of state Meher Kashif Younis, said “The corporate sector is already 29 percent heavily taxed.
He said the super tax impact will ultimately be shifted to end users besides impeding the economic growth.”
He proposed that government must net the 18.5 million identified untaxed and under-taxed segments of the economy instead of levying super tax besides bringing the agriculture sector under the tax.
He said the government must slash the wasteful expenditures on state-owned enterprises that have been hemorrhaging taxpayers’ money for years now and all losses incurring public sector entities must either be disinvested or privatized through a transparent process.
Meher Kashif said “The steel industry’s significance for our prosperity and welfare can’t be emphasized enough.”
He said “Steel industry products also play a crucial role in the development of a sustainable society. The steel industry is one of the basic industries of the country and plays a vital role in strengthening the economy.”
He said in a developing economy like Pakistan, the corporate sector must be fully encouraged by offering lucrative incentives for accelerating the pace of economic growth rather than imposing a super-tax which will not only halt the production but also render millions jobless.
He also demanded to withdraw the super tax on the entire corporate sector, especially the steel industry.

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