The Ministry of Industries and Production has finalised a new industrial policy, which proposes incentives for the manufacturing sector, including a phased reduction in the super tax rate.
Sources divulged on Saturday, the federal cabinet is expected to approve the policy later this month. The plan outlines a gradual decrease in the super tax rate to 5 per cent over four years. If a primary budget surplus is achieved, the super tax will be abolished entirely in the fifth year.
The decision to reduce the super tax on the manufacturing sector had already been taken in the federal budget. Furthermore, approval for the phased reduction was secured from the International Monetary Fund in advance.
The policy has aimed to safeguard investment and enhance exports from the manufacturing sector.
