ICCI Rejects Imposition Of 10 Per Cent Super Tax.

ISLAMABAD -- The Islamabad Chamber of Commerce and Industry (ICCI) has rejected the imposition of 10 per cent super tax by the government on the corporate sector as it would have a serious impact on the large scale industries besides sending negative signals to the potential local and foreign investors.

It called upon the government to immediately withdraw super tax to save the industrial sector from further troubles. Muhammad Shakeel Munir, President, ICCI, said that the corporate sector was already paying 29 percent tax and providing employment to a large number of people, but the imposition of 10 percent super tax would put a cumulative burden of 39 percent tax on it, which would not be affordable for it. He said the ultimate burden of super tax on cement, steel, banking, airlines, textile, automobile, sugar mills, beverages, oil and gas, fertilizer, cigarettes, chemicals and LNG would be passed on to the end consumers and bring a new wave of high inflation in the country. He said that this measure would discourage the potential investors for investing in Pakistan, dry up local and foreign investment and badly affect the expansion of business ventures in the country. ICCI president said that the government has already taken some very harsh...