The federal government has approached the International Monetary Fund (IMF) to seek relief for traders by reducing the super tax.
Officials from the Federal Board of Revenue (FBR) have decided to contact IMF representatives regarding the reduction of the super tax.
According to FBR sources, the super tax was imposed on large industries in 2022 to shield the common man from additional taxation. Industries affected include cement, steel, sugar, and the oil & gas sector.
Currently, in addition to the standard tax, a 10% super tax is imposed on major industries, bringing the total tax rate to 39%.
Sources warn that if the super tax is not reduced, there is a risk that investment could shift to Dubai.
Earlier, the government has shared initial proposals for the 2025–26 federal budget with the International Monetary Fund (IMF), which include a potential reduction of up to 10% in income tax rates across various slabs for the salaried class.
If approved by the IMF, this measure could provide relief amounting to approximately Rs50 billion.
