PPI Original Text (PPI-OT) – Turnover and withholding taxes proposed to be reduced for steel sector – Alfalah Securities Limited

Karachi, May 24, 2012 (PPI-OT): The federal government is likely to reduce the turnover tax to 0.5% from existing 1% of revenue and withholding tax to 1% from current 3.5% for the steel sector.

According to Alfalah Securities Limited, this would be done to provide some relief to this sector which would result in improved margins and profitability for the steel sector. The reduction in turnover tax and withholding tax would be implemented after issuance of the SRO.