Sunday, June 26, 2022

PTI slams govt over super tax on industries

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LAHORE: Pakistan Tehreek-e-Insaf (PTI) leader and energy minister Hammad Azhar on Friday strongly criticised the coalition government’s decision to impose  10% super tax on large-scale industries, ARY News reported.

Taking to Twitter, Hammad Azhar said, “Super tax will end up further squeezing the formal sector of the economy. This means taxing the already taxed even more.”

He went on to say that the country’s economy was nosediving and such a measure at this time will reverse the “industrialisation momentum that PTI generated”.

“Industry is already facing crippling costs due to rising prices of commodities and energy. This super tax will be priced in their balance sheets and passed on to the customers in many cases. Means even higher prices for the public,” he further wrote.

’10pc super tax’

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

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.

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