The business community Sunday demanded the government revisit the imposition of a 10 percent super tax on 13 corporate sector entities to provide oxygen to the already fragile industries in the wake of blistering global inflation.
Talking to the media on Sunday, 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 dis invested or privatized through a transparent process. “The steel industry’s significance for our prosperity and welfare can’t be emphasized enough,” Meher Kashif 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, adding that 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.