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PSMA Call To Bring Steel Units in Ex-Fata Under Tax Net

Steel News - Published on Tue, 23 Jul 2019

Image Source: Mettis Global News
Former Chairman of Pakistan Steel Melters Association, Mian Iqbal Tariq has urged Prime Minister Imran Khan to continue 17% FED on steel mills of tribal districts of Khyber Pakhtunkhwa in order to give level-playing field to all the stakeholders. In a statement issued he said the steel units based in tribal districts had enjoyed sales tax and customs concessions for the last 50 years, and now these units were well established.

He said conservative estimate of an average steel unit in the tribal district, which manufactures at least 100 tonnes a day, at the going sale price of PKR 100,000 per ton, could save over PKR 600 million yearly just in sales tax and FED alone.

Mr Iqbal Tariq said that “This leaves all other units in the settled areas uncompetitive. With about 30 to 40 steel manufacturing units operational in these areas, the combined loss to the exchequer stands at about PKR 20 billion to PKR 25 billion annually. It is noteworthy that many more units are in the process of being set up.”

He said the government had already announced a generous package of Rs100 billion for the development of the tribal areas, and that should suffice to stabilise the economy of that region and maintain and generate employment.

Source :

Posted By : Ratan Singh on Tue, 23 Jul 2019
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