Industries ministry proposes super tax

The Ministry of Industries has proposed the introduction of super tax in the upcoming budget for fiscal year 2025-26 to bring Pakistan's corporate tax structure on a par with regional standards. Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan floated the proposal during a high-level meeting on budget proposals. He gave directives for revising budget proposals as there was a need for tax reforms to uplift the industrial sector. In that regard, he proposed the introduction of super tax. Meeting participants discussed various key issues including the promotion of local manufacturing, import and export of raw material and the structure of customs duty, regulatory duty and additional customs duty. The Ministry of Industries proposed the imposition of 20% regulatory duty on LED lighting products.