June 24, 2022
1 min read

Pak PM slaps 10% super tax on large-scale industries

Sectors which will be subject to the tax include; steel, sugar, cement, oil, gas, fertilisers, LNG terminals, banking, textile, automobile, cigarettes, chemicals and beverages….reports Asian Lite News

Pakistan Prime Minister Shehbaz Sharif on Friday announced that to control the “storm of inflation”, the government would be imposing a 10 per cent “super tax” on large-scale industries, the media reported.

In his address, the premier discussed the “tough” economic decisions taken by the incumbent coalition government, as Pakistan edges towards a default, the Express Tribune reported.

The premier stated that the revenue generated from the “super tax” would be beneficial for “poverty alleviation” in order to support the burden of inflation on the masses.

Sectors which will be subject to the tax include; steel, sugar, cement, oil, gas, fertilisers, LNG terminals, banking, textile, automobile, cigarettes, chemicals and beverages.

The Prime Minister stated that the cross-subsidy would be used to strengthen public services such as education and the health sector. He added that the such policies were necessary to reduce the country’s reliance on foreign loans.

“That is what we call economic freedom; that is what we call coming out of the shackles of slavery of borrowing money,” he furthered.

The premier further announced the imposition of another tax on those members of society who earn an annual income of more than 150 million rupees, 200 million rupees, 250 million rupees, and 300 million rupees or higher, Express Tribune reported.

While announcing the increased tax rates, Shehbaz Sharif stated that the “rich would have to do their part” to alleviate the burden of inflation on the poorer segments of society.

ALSO READ: Pakistan in fix over detection of poliovirus in London

Previous Story

Benefits of adding pickles

Next Story

‘Punjab safe because India pours huge money for security’

Latest from -Top News

UN Pays Tribute to Indian Soldiers

Thursday was observed as the 77th UN Peacekeepers Day, honouring the work of 61,353 peacekeepers, of whom 5,375 hailed from India….reports Asian Lite News Brigadier Amitabh Jha and Havildar Sanjay Singh, who

Modi’s New Warfare Playbook

Modi has upended the old playbook and India and Pakistan are entering dangerous new territory where nuclear deterrence is no longer a guarantee against conventional conflict…writes Collins Chong Yew Keat The India-Pakistan

Turkey’s Jet Roars, West Watches

It is visible that Turkey is intentionally reducing reliance on U.S. and Western military imports, especially F-16s and the failed F-35 partnership, to achieve strategic independence….writes Ankit V In 2016, Ankara announced

‘Op Sindoor’ Team Wraps Up Saudi Visit

The visit reaffirmed the shared commitment of India and Saudi Arabia in the fight against terrorism….reports Asian Lite News Riyadh, May 30 (IANS) The Indian all-party delegation, led by BJP MP Baijayant

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause
Go toTop

Don't Miss

Pakistan issues 473 visas to Sikh pilgrims

The issuance of visas is in line with the Government

Early elections in talks: Pak minister

While addressing a press conference here, the Minister said: “Those