Karachi-based Pakistani long steel producer Pakistan Steel Mills (PSM) has requested Pakistan's Federal Board of Revenue (FBR) to reduce sales tax and abolish special excise duty to increase steel product sales, according to recent media reports.
PSM wrote to FBR chairman Salman Siddique that the tax cuts designed for imports could also be extended to domestic supply industries to increase the sales of PSM and generate additional government revenue of duties and taxes in the remaining period of the current financial year.
The Revenue Division officially stated that a decrease in sales tax from 17 percent to 16 percent for imports and the abolishment of special excise duty have been proposed.
PSM also underlined that, since the sales of the company dropped remarkably, duties and taxes were badly affected.