In its call to Finance Minister Muhammad Aurangzeb, Association of Major Steel Producers of Pakistan (PALSP) emphasized that the steel sector should be harmonized with other industry sectors.
In PALSP's statement, it was stated that while some preferred industries benefit from a reduced turnover tax of 0.5 percent, the steel sector is taxed at higher rates of up to 1.25 percent compared to other sectors. The failure to implement the tax cuts included in the previous Finance Law increased the steel industry's demands for a fair business environment.
The steel industry makes a significant contribution to the country's economy, supporting income generation and employment, but it faces economic challenges such as foreign exchange devaluation and dependence on raw material imports. Experts state that the steel industry's demand for reducing turnover tax serves the purpose of stabilizing the industry's operations and preventing closures.
Additionally, a recent decrease of 18 USD was recorded in steel and iron prices in Pakistan, which is reportedly a relief for the people struggling with inflation. This price drop may benefit Pakistanis, who will use steel and iron for construction projects, and contribute to economic revival.
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