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Pakistan edible oil industry seeks tax relief in budget proposals
Pakistan’s edible oil industry has urged the government to introduce a series of tax reforms in the upcoming federal budget, arguing that the current taxation framework places an excessive burden on a sector characterized by high turnover and low profit margins.
In proposals submitted to Finance Minister Muhammad Aurangzeb, Pakistan Vanaspati Manufacturers Association (PVMA) Chairman Omer Rehan said the existing tax regime effectively turns turnover-based levies into taxes on gross receipts rather than actual income, resulting in disproportionately high effective taxation for manufacturers.
Rehan noted that in many cases, the minimum tax collected at the import stage exceeds the actual profitability of businesses, discouraging formal-sector operations and creating market distortions.
The association has proposed removing edible oil from the list of imported goods subject to minimum tax under Section 148(7A) of the Income Tax Ordinance. The proposal seeks to omit edible oil from categories where tax collected at the import stage is treated as minimum tax on income.
According to the industry body, the change would ease cash flow pressures, align taxation more closely with actual earnings, and improve the long-term sustainability of businesses operating in the sector.
PVMA has also sought relief under Section 8B of the Sales Tax Act, 1990, which currently allows manufacturers to adjust only 90% of their output tax liability against input tax. The remaining 10% must be paid separately, leading to the accumulation of unadjusted input tax and increased working capital requirements.
The association said the edible oil sector relies heavily on imported raw materials and faces significant external risks, including exchange-rate volatility and fluctuations in global commodity prices. It added that the industry operates in a highly competitive market where pricing remains sensitive due to the essential nature of edible oil and consumer affordability concerns.
“Given its high-turnover, low-margin structure, the restriction on input tax adjustment locks up substantial liquidity and increases the cost of doing business,” the association said.
To address the issue, PVMA has proposed increasing the allowable input tax adjustment from 90% to 95%, effectively reducing the disallowance from 10% to 5%. The proposal would place the edible oil sector alongside wholesalers of yarn and integrated Tier-1 retailers that already qualify for higher input tax adjustment limits.
The industry has also called for the abolition of the super tax imposed under Section 4C of the Income Tax Ordinance on high-earning corporate entities.
According to Rehan, the combined burden of a 29% corporate tax and a 10% super tax raises the effective corporate tax rate to 39%. When dividend withholding tax of 15% is included, the overall tax burden at the shareholder level can reach as high as 54%.
He argued that such taxation levels significantly reduce retained earnings and limit businesses’ capacity to reinvest, particularly at a time when companies are grappling with inflation, rising input costs, and weak consumer purchasing power.
PVMA expressed hope that the government would consider the proposed measures in the FY2026-27 budget to provide meaningful relief to the edible oil industry and help establish a more balanced, equitable, and sustainable tax regime.
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Pakistan cement dispatches fall 21% in May as domestic sales, exports weaken
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Global gold output remains concentrated in China, Russia and Australia in 2024
Global gold production remained concentrated among a handful of producers in 2024, led by China, Russia and Australia, while African nations increased their share of global supply, according to World Gold Council data.
China remained the world’s largest gold producer, mining 380.2 tonnes in 2024, accounting for more than 10% of global output. Russia followed with 330 tonnes, while Australia produced 284 tonnes.
Canada ranked fourth with 202.1 tonnes, followed by the United States with 158 tonnes. Ghana, with 140.6 tonnes, was the world’s sixth-largest producer and Africa’s leading producer.
The World Gold Council said China’s dominance gives it a major role across the global gold market, spanning mining, refining, jewelry consumption and central bank reserves. China is also one of the world’s largest consumers of gold.
Russia remained the second-largest producer despite Western sanctions and geopolitical tensions stemming from the war in Ukraine, while Australia continued to benefit from its vast mineral reserves and mature mining industry.
Africa accounted for nearly one-quarter of global mine supply in 2024, underscoring its growing importance in the international gold market.
Ghana led African production, followed by Mali and South Africa. Other African nations, including Burkina Faso, Sudan, Tanzania and Côte d’Ivoire, have expanded production over the past decade as mining investment increased across the continent.
The World Gold Council noted that several smaller African economies depend heavily on gold exports for government revenue and foreign exchange reserves.
However, political instability and security concerns continue to pose operational risks in some mining regions. Despite these challenges, Africa remains a key growth region for global mining companies, the council said.
The Americas also remained a key pillar of global gold supply, led by Canada, the United States and Mexico, along with major South American producers.
Mexico produced roughly 140 tonnes in 2024, while Peru, Brazil, Colombia and Argentina also contributed significantly to global output.
Gold prices have remained elevated in recent years as investors seek safe-haven assets amid geopolitical tensions, inflation concerns and strong central bank buying, increasing the strategic importance of major producing nations.
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May 20, 2026
May 20, 2026
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