Pakistan‘s government announced the imposition of super taxes of a max of 10% on big but profitable industries. The GoP said that the decision was a difficult decision but had to be taken in the larger interest of the country.
The industries covered in this super tax regime are cement, steel, sugar, oil and gas, fertilizer LNG terminals, banking industry, automobile, chemicals, beverages and cigarette manufacturing. A 1% tax was decided for industries whose income exceeded Rs. 150 million per annum, 2% for Rs. 200 million, 3% for Rs. 250 million, and 4% for Rs. 300 million.
The GoP said that there has been tax evasion and instances of no tax payment. This is going to help the GoP build up more revenues.
Leave a Reply