Pakistan has decided to consult the International Monetary Fund (IMF) amid escalating tensions with India, aiming to address economic concerns and sustain investor confidence.
Sources revealed that the Federal Board of Revenue (FBR) plans to initiate talks with the IMF regarding the possible reduction of the super tax, as fears grow that high taxation may push capital towards Dubai and deter investment.
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According to FBR insiders, super tax-related cases worth Rs. 200 billion are currently pending in courts. The super tax was introduced in 2022 to shield the general public by placing the fiscal burden on major industries, including cement, steel, sugar, oil and gas, LNG terminals, fertilizer, banking, textile, automotive, chemical, beverages, and tobacco.
Presently, these industries face a 10% super tax on top of existing corporate taxes, raising their effective tax burden to 39%.
