News Karnataka
Monday, October 03 2022
Asia

Pak PM announces 10% ‘super tax’ on large-scale industries

Photo Credit : IANS
Islamabad: 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.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp