Steel melters seek business-friendly budget

LAHORE: The Pakistan Steel Melters Association Demands Business-Friendly Budget 2025-26.

Mian Ahmad Hassan, Chairman of the Pakistan Steel Melters Association (PSMA), today strongly urged the government to present a business-friendly budget for the fiscal year 2025-26 that prioritizes and supports industrial activities within the steel sector.

Highlighting the steel industry as the backbone of the national economy, Hassan emphasized the critical need for policies that foster growth and sustainability. Hassan expressed serious concerns regarding potential reductions in tariffs, stating that such measures would “suffocate” the domestic steel industry, making it uncompetitive against imports. He argued that instead of burdening existing tax-paying units, the government should focus on broadening the tax base by bringing unregistered businesses into the tax net.

Furthermore, the Chairman of PSMA proposed a practical solution for the steel melters: the implementation of a fixed sales tax based on electricity consumed units. He believes this approach would simplify tax collection, reduce complexities, and provide a more predictable and manageable tax structure for the industry.

The Pakistan Steel Melters Association calls upon the government to engage in meaningful consultations with industry stakeholders to formulate a budget that truly supports industrial growth, protects local industries, and contributes to the overall economic prosperity of Pakistan.