Prime Minister Shehbaz Sharif announced on Friday to impose a 10% Super Tax on big industries.
Addressing the nation on Friday, the prime minister claimed that the decisions taken by the government will save Pakistan from bankruptcy. The government had to make tough decisions that will be beneficial in the long term, he added
He said that the 10% super tax, which will be used for poverty elimination, have been imposed on industries including as cement, steel, sugar industry, oil and gas, fertilizers, LNGs, banking sector, manufacturing industries, and automobiles.
The prime minister promised that the government will formulate a tax policy that will give relief to the people.
He said that 1% tax will be imposed those earning more than Rs150 million annually, and 2% more tax on those with an income of above Rs200 million or more, 3% tax on those earning over Rs250 million and 4% tax on above Rs300 million.
He stressed that the present government wants to minimize the burden of rising prices on the lower segment of the society.
The prime minister said that it is for the first time in the history that the government has introduced a direct tax on the net income of rich people in the next fiscal year budget.
PM Shehbaz said the government is committed to save the poor segment of society from the impact of the increased petroleum prices and is providing targeted subsidy of Rs2,000 rupees per month.
The government will take further steps to provide maximum relief to the common man, he added.
“Our government would keep the nation on board regarding difficult economic decisions and would not deceive them, unlike the PTI government.”
Earlier on Thursday, Finance Minister Miftah Ismail said that the government is taxing the rich.
Miftah claimed that the government imposed taxes which impacted the ruling elite.
“It will increase the tax burden of companies owned by the PM. My company’s tax burden will also increase by Rs200 million and Rs250 million,” said Miftah.