Corporate sector recommends revisiting super tax

Corporate sector recommends revisiting super tax

ISLAMABAD: The business sector urged the government on Sunday to reconsider the imposition of a 10 percent super tax on 13 entities of the corporate sector, in order to support industries in the midst of a global inflation. 

Honorary Coordinator to Federal Tax Ombudsman and Minister of State Meher Kashif Younis stated in a media conference that, “The corporate sector is already 29 percent heavily taxed. The super tax impact will ultimately be shifted to end users besides impeding economic growth.”

Instead, he proposed that the government should secure 18.5 million identified untaxed and under-taxed segments of the economy, rather than imposing a super tax. 

He added further that the government should take appropriate measures to cut down excessive expenditures on state-owned enterprises that have been taking up a large portion of taxpayers’ money for years. Furthermore, all losses incurred by public sector entities must either be disinvested or privatised through a more transparent process. 

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