Friday, August 12, 2022

Miftah Ismail plans to bring ‘millions of shops’ into tax net

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ISLAMABAD: Finance Minister Miftah Ismail on Saturday said that they would bring in gently millions of shops into the tax net after the government imposed fixed taxes on shops, ARY NEWS reported.

Taking to Twitter to respond to the criticism that the government has levied massive taxes on large-scale manufacturing and failed to broaden its tax base, Miftah said he had brought jewellers into the net and will bring in all the professionals over the next few months.

 “To bring small shopkeepers and jewellers into the net I talked to their associations & did so with their agreements,” he said.

The finance minister said that he would now bring in real estate brokers, builders, housing society developers, car dealers, restaurants, salons and others in the net.

He however clarified that nothing would be forced and the government will take steps after consultation.

Yesterday, Prime Minister Shehbaz Sharif announced a super-tax of 10 percent on large-scale manufacturers and industries in the country in order to address the economic woes of the country.

The prime minister while announcing the tough decisions in the wake of the ongoing economic situation said that industries related to steel, cement, sugar, oil and gas, fertilizers, energy and terminal, and textile will face a 10 percent tax.

In addition, he said that the super tax will also be imposed on the banking and cigarette sectors. “Teams will be formed to collect tax after the passage of the budget bill,” the prime minister said and added that the tax will be levied for a short period of time.

He further shared that those earning an annual income of Rs150 million will be taxed one percent, followed by two and three percent taxes on those having annual income of Rs200 million and Rs250 million respectively.

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