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PM Shehbaz Sharif announces imposition of 10% super tax on big industries

PM Shehbaz Sharif announces imposition of 10% super tax on big industries
June 24, 2022 Web Desk

ISLAMABAD (92 News) – Prime Minister Shehbaz Sharif has announced the imposition of 10% super tax on big industries.

In a video message on Friday, he said that tax would be imposed on cement, steel, oil and gas, fertilizers and the textile sector.

He said that the tax would also be imposed on LNG, auto, cigarettes, sugar and industry. "One percent tax will be imposed on the people earning Rs150 million annually," he added.

The prime minister said that teams would be formed to collect tax after the passage of the budget bill.

“The government is proposing four percent poverty alleviation tax on the people who earn Rs300 million annually, while three percent who has annual income over Rs250 million and two percent on people earning over Rs200 million annually,” he added.

The prime minister expressed the hope that soon Pakistan will come out of the economic crisis and announced to provide relief to the poor segment of society.

Shehbaz Sharif regretted that Rs2,000 billion tax is evaded annually. He said the coalition government has taken difficult decision and it has preferred Pakistan over its own politics. The prime minister hoped that affluent segment of society will show generosity and cooperate with the government.