Pakistan PM Sharif announces 10% ‘super tax’ on large-scale industries
Pakistan’s prime minister Shehbaz Sharif has announced a 10% “super tax” on large-scale industries in a bid to consolidate revenues and support the country’s poor amid rising inflation, the Dawn reported on June 24.
These sectors include cement, steel, sugar, oil and gas, fertilizers, LNG terminals, textile, banking, automobile, and cigarettes.
The announcement comes ahead of what Pakistan hopes will be an agreement to unlock a new tranche of IMF funds which are needed to avert a balance of payment crisis.
“Let me share this good news that this country isn’t heading toward a default anymore,” the finance minister told parliament in his concluding budget speech that brought in the new taxes.
“We’ve taken very difficult decisions,” he said. Ismail called it a super tax, pleading with large-scale industry to bear with it for just one year to help shore up revenues urgently required to cut the fiscal deficit.
In an address to the nation, Sharif said that the coalition government made “courageous” decisions to protect the country from “serious dangers”.
Trading at the Pakistan Stock Exchange (PSX) went down crashing by over 2000 points minutes after Pak PM’s announcement.
Pakistani authorities have so far raised fuel prices, power tariffs, and taxes and have unveiled austerity measures to meet the lender’s requirements.
Increased tax collection
The government has also pledged an increased tax collection from...
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