India-Pakistan tension
ISLAMABAD
Pakistan has decided to take IMF into confidence on the matter of India-Pakistan tension. According to sources FBR will take IMF on board on the issue of reduction in super tax. Efforts will be made to reduce super tax not to let the investment go out of the country. If super tax is not curtailed then investment is feared to go outside the country to Dubai. According to FBR sources cases of Rs 200 billion in connection with super tax are pending hearing in different courts. In 2022 tax was imposed on big industry to protect common man against tax.
Super tax was slapped on cement, Steel, Sugar Industry, oil and gas LNG terminal. Fertilizers, banking, textile, automobile, chemical, beverages and cigarette industry were also included therein.
10 percent super tax in addition to tax is imposed on big industry. This 10 percent tax has increased tax ratio to 39 percent for industries.
Tax to GDP ratio will be taken to 10.6 percent till June. Tax to GDP target has been fixed 11 percent for next year.
