Pakistan Steel Melters Association Seeks Pro-Business Budget for 2025-26

Mian Ahmad Hassan, the Chairman of the Pakistan Steel Melters Association (PSMA), has urgently appealed to the government to unveil a budget for the fiscal year 2025-26 that champions and bolsters industrial activities within the steel sector.

Emphasizing the steel industry’s role as a crucial element of the nation’s economy, Hassan underscored the necessity for policies that stimulate expansion and long-term viability. He voiced considerable apprehension regarding possible tariff cuts, warning that such actions would severely impair the domestic steel industry, rendering it unable to compete effectively with imports. He posited that the government should broaden the taxation base by incorporating unregistered enterprises instead of overburdening compliant, tax-paying entities.

The PSMA Chairman suggested a workable solution for steel manufacturers: the introduction of a set sales tax predicated on units of electricity utilized. He asserted that this strategy would streamline tax collection, alleviate intricacies, and establish a more reliable and controllable tax framework for the sector.

The Pakistan Steel Melters Association is urging the government to conduct thorough discussions with industry representatives to create a budget that genuinely underpins industrial advancement, protects local industries, and fosters overall economic well-being in Pakistan.