Islamabad: Government has decided to scale down super tax for manufacturing sector in new industrial policy.

Under new industrial policy the super tax will be slapped 5 percent for manufacturing sector by reducing its ratio within 4 years.

Super tax will be abolished in fifth year on becoming primary balance surplus.

According to sources approval for new industrial policy will be obtained from federal cabinet during the current month.

It has been proposed to enhance minimum threshold from Rs 20 crore in regard to super tax for manufacturing sector.

It has been laid down in policy draft that it is suggested threshold be increased from Rs 20 crore to Rs 50 crore.

It is also proposed to raise threshold from Rs 50 crore in order to impose super tax.

Proposal is also there that threshold be increased and fixed Rs 1.5 billion to levy 10 percent super tax.

Revival of sick industrial units, rationalization of tax rate for manufacturing sector will be included in policy. Bankruptcy framework and facility for availability of credit on easy basis for manufacturing sector will be part of policy.

Decision has been taken for enhancement in exports of manufacturing sector, protection of investment and other steps in new industrial policy.