Pakistan announces a 10% super tax on large-scale industries to boost the faltering economy.
Prime Minister Shehbaz Sharif on Friday announced that the coalition government plans to impose a 10% super tax on large-scale industries.
“A 1% tax has been imposed on people earning over Rs150 million, 2% on those earning over Rs200 million, 3% on those earning over Rs250 million, and 4% on those earning over Rs300 million,” PM announced
10% super tax will be imposed on the following industries:
- Automobile assembling
- Sugar mills
- Oil and gas
- LNG terminals
Addressing the nation, after a meeting with his economic team, the prime minister said that the coalition government has taken some “tough decisions” regarding the federal budget for the next fiscal year 2022-23.
“I want to brief the people about those decisions and the actual [economic] situation of the country,” he said, highlighting the two major reasons behind these decisions.
“Our first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them,” he said.
“Our second motive is to protect the country from going bankrupt,” Prime Minister Shehbaz Sharif said, adding that it has been devastated due to the “incompetency and corruption” of the previous Imran Khan-led government.