Prime Minister Shehbaz Sharif announced that the government would impose a 10 percent super tax on large industries in an effort to reduce poverty.
On Friday in Islamabad, the prime minister spoke to an economic team.
Automobile, cigarette, cement, steel, sugar, LNG terminal, textile, fertilizers, banking, chemical, and beverage industries were among the sectors that would be subject to the 10% super tax.
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 claimed that the government had decided to impose a 10% super tax on major industries in order to reduce poverty.
He said there would be a 1% tax on industries making more than Rs 150 million annually, a 2% tax on businesses making more than Rs 200 million, a 3% tax on companies making more than Rs 25 million, and a 4% tax on companies making more than Rs 300 million.
When he predicted that Pakistan would undoubtedly avoid default, he sounded upbeat. He claimed that under the previous PTI administration, the worst forms of corruption were committed. According to him, the agreement with the international lender would be implemented if the IMF did not impose any additional requirements.
He revealed that in Pakistan, tax fraud costs the country Rs 2,000 billion annually.
He acknowledged that people would experience hardships in the short term as a result of difficult economic decisions, but he pledged to offer relief to lessen the burden of skyrocketing inflation.
Declaring that “it is not the time to do politics, but rather it is time to save the state,” he vowed to uphold Quaid-e-vision. Azam’s
After assuming office, PM Shehbaz said they had two choices: call elections or make difficult decisions. “We chose the second option and made challenging choices to save Pakistan’s battered economy,” he continued. He bragged about the courageous decisions his government had made for the good of the nation.
He declared that he would not deceive the country about its dire economic situation. He maintained that the budget’s purpose was to protect people from the hardships of exceptional circumstances. He stated that the budget contained an economic plan from his government.
