In this paper we have considered stage-structured fishery model in the presence of toxicity, which is diminishing due to the current excessive use of fishing efforts resulting in devastating consequences. The purpose of this study is to propose a bio-economic mathematical model by introducing taxes to the profit per unit biomass of the harvested fish of each species with the intention of controlling fishing efforts in the presence of toxicity. We obtained both boundary and interior equilibrium points along with the conditions ensuring their validity. Local stability for the interior equilibrium point has been found by the trace-determinant criterion and global stability has been analyzed through a suitable Lyapunov function. We have also obtained the optimal harvesting policy with the help of Pontryagins maximum principle. Lastly, numerical simulation with the help of MATLAB have been done and thus, the results of the formulated model have been established.