PAK. PM announces 10% super tax on large scale industries

( PTI) Islamabad ,Ta. 3

Pakistan's Prime Minister Shahbaz Sharif has announced a 10 per cent super tax on large-scale industries such as cement , steel and automobiles. He said that tough decisions like imposing super tax would have to be taken to prevent Pakistan from going bankrupt.

Sharif had announced the imposition of super tax after attending a meeting of the economic team before the FY 205-2 budget. "We want to relieve the people of the country and relieve the burden of inflation," Sharif said in a video message addressed to the nation.

Our second objective is to prevent the country from going bankrupt. He said the country had suffered a lot due to corruption in the previous Imran Khan-led government.

Super taxes will be levied on sectors likecement ,steel , sugar , oil and gas , fertilizers , LNG terminals , textiles , baking , automobiles , cigarettes , beverages and chemicals.

The Prime Minister of Pakistan further said that one more objective of imposing super tax is to stabilize the economy of the country. These are not just words this is the voice of my heart and I am confident that we will achieve all the goals.

He said those earning more than Rs 15 crore would be taxed at one per cent , those earning more than Rs 50 crore at two per cent , those earning more than Rs 20 crore at three per cent andthose earning more than Rs 50 crore at three percent.

The government has set a target of increasing tax collection from Rs 3 trillion to Rs 4.5 trillion in the next financial year. Pakistan's stock exchange was shocked after Shahbaz Sharif's announcement. Pakistan's stock market was down 2.61 per cent.