Sunday, October 2, 2022

Textile sector rejects super tax

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Pakistan Hosiery Manufacturers & Exporters Association (PHMEA) have rejected the government’s 10% super tax, claiming it would slow down the economy, ARY News reported. 

The PHMEA representative held a press briefing in Faisalabad where they rejected the PML-N-led government’s new policy to impose a 10% super tax on 13 sectors including textile, cement, gas terminals and others.

Chairman PHMEA Kashif Zia said that the textile sector is already paying 29% tax, impose further taxes would damage the sector badly. The interest rate of 13.75% would slow down the economy, he claimed.

The PHMEA Chief recommended that the government should bring more people into the tax net rather than imposing more taxes on existing taxpayers.

Prime Minister Shehbaz Sharif announced on Friday a super-tax of 10% on large-scale manufacturers and industries in the country in order to address the economic woes of the country.

Also Read: PTI slams govt over super tax on industries

 

The prime minister while announcing the tough decisions in the wake of the ongoing economic situation said that industries related to steel, cement, sugar, oil and gas, fertilizers, energy and terminal, and textile will face a 10% tax.

In addition, he said that the super tax will also be imposed on the banking and cigarette sectors. “Teams will be formed to collect tax after the passage of the budget bill,” the prime minister said and added that the tax will be levied for a short period of time.

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