Industry Vows To Resist ‘super Tax’

LAHORE: The prime minister’s announcement of imposing a 10 per cent Super Tax on the country’s major industry has only panicked the manufacturers, leaving them with no option but to resist the plan by all means.

While criticising and expressing wonder over the government’s anti-industry steps in various forms including least interest in broadening the tax net and extracting more from already heavily taxed, the trade and industry leaders have sought an immediate withdrawal of the plan in a bid to save the industry as well as the end-users from its adverse impact.

Federation of Pakistan Chambers of Commerce and Industry Acting President Shabbir Mansha in a press statement has categorically denounced the imposition of 10pcsuper tax on large industries; which already pay hefty corporate tax of 29pc and generate millions of jobs in the country as well. “No country in the world can charge 39pc tax to corporations and still keep the economy afloat. Additionally, new private-sector and foreign investments dry up completely in an uncompetitive market, he added.

He also expressed his shock that the federal budget 2022–23 was announced just two weeks back and it mentioned no super tax on industries. It is a highly abrupt, unfortunate and anti-industry measure.

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