PM Shehbaz says govt to levy 10% super tax on big industries

F.P. Report

ISLAMABAD: Prime Minister Shehbaz Sharif has said that the government will impose 10% super tax on big industries in a bid to bring down poverty in the country.

The premier was addressing an economic team in Islamabad on Friday.

The industries on which 10% super tax to be levied also included automobile, cigarette, cement, steel, sugar, LNG terminal, textile, fertilizers, banking, chemical and beverages.

The premier said that his government took important decisions in the annual budget. “I want to take into confidence the people of Pakistan on the budgetary measures,” Shehbaz said adding that the government was making hectic efforts to steer people out of economic hardships.

He said in order to alleviate poverty, the government had decided to impose a 10% super tax on big industries.

He said 1% tax would be levied on industries earning Rs150 million annually; 2% on those units grossing more than Rs200 million; 3% on entities racking up more than Rs25 million and 4% tax on business concerns earning more than Rs300 million annually.

He sounded optimistic when he said that Pakistan would surely avert default. He said the worst kind of corruption was committed during the previous PTI regime. He stated if the IMF did not impose another condition, then the agreement with the global lender would see the light.

He informed that every year, Rs2,000 billion were stolen in tax theft in Pakistan.

He confessed that for the short-term, people would face difficulties due to tough economic decisions but he promised to provide relief to lessen the burden of sky-rocketing inflation.

He vowed to follow the vision of Quaid-e-Azam saying that ‘it is not the time to do politics, rather it’s time to save the state’.

PM Shehbaz said after getting power, there were two options before them: Either to announce elections or take tough decisions. “We took the second option and took difficult decisions to save tattered economy of Pakistan”, he added. He touted that his government made brave decisions for the good of the country.

He said that he would not hoodwink the nation on economic situation which he proclaimed was in shambles. He held that the budget was aimed at saving people from the hardships of extraordinary circumstances. He enunciated that his government gave an economic plan in the budget.