Wednesday, June 29, 2022

“Tough decisions”: PM Shehbaz Sharif announces 10pc super tax on industries

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ISLAMABAD: Prime Minister Shehbaz Sharif has 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, ARY NEWS reported,    

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 sport 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.

Read More: PM SHEHBAZ SHARIF SAYS TERMS WITH IMF HAVE BEEN FINALISED

“Those earning Rs300 million will pay four percent on their annual income,” he said and added that poor segments had played their role to address economic woes and now it is the turn of those privileged to play their part.

He assured these policies will guide the nation towards the path of progress. “I will not speak hypothetically and assure the nation that will fight out will all strength to come out of the ongoing crisis,” Shehbaz Sharif said.

 

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