FBR Chairman Langrial Signals Move to Abolish Super Tax for Businesses

KARACHI: Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial announced on Wednesday that the government plans to abolish the super tax, a move aimed at easing the financial burden on businesses.

During his address to the members of the Korangi Association of Trade and Industry (Kati), Langrial revealed that the super tax rate has already been reduced by two percentage points, with efforts now underway for its complete elimination. He emphasized the FBR’s commitment to improving the tax system and facilitating the business community, including plans to establish an FBR office at Kati to address tax-related issues faced by industrialists in the Korangi Industrial Area.

This initiative is expected to have significant implications for the local economy, as the removal of the super tax could enhance the financial viability of businesses, potentially leading to increased investment and job creation. Langrial also mentioned that the FBR would consult with relevant stakeholders to address shortcomings in the raw material import system, extending the help desk’s services from Karachi to Sukkur.

Looking ahead, the FBR plans to hold meetings to tackle border trade-related challenges faced by the leather industry and is considering implementing a regulatory model similar to the Drug Regulatory Authority of Pakistan (DRAP) for the pharmaceutical sector to enhance the effectiveness of the Track and Trace System.