Pakistan Levies ‘Super Tax’ On Big Industries
Pakistani Prime Minister Shehbaz Sharif on Friday has announced a 10 per cent “super tax” on large-scale industries in a bid to shore up government revenues. The industries that will be affected include cement, steel, sugar, automobiles, oil and gas, fertilisers, banking, textiles and chemicals among others. Rich individual taxpayers will now have to pay a ‘poverty alleviation tax’. Those whose annual income exceeds Rs150 million will be subject to 1 per cent tax; those earning Rs 200 million 2 per cent; Rs250 million, 3pc; and those with earnings of Rs 300 million will be taxed 4 per cent. Calling these tough budget decisions, Sharif said those were necessary to protect the country from serious dangers. “Today, it is time for the affluent citizens to do their part. It is their turn to show selflessness. And I am confident that they will contribute fully to play their part.” Shehbaz said the steps taken in the budget were designed to ease the burden on the poor. “As for the classes who are blessed, today, this nation is demanding of them to also work hard, to come forward and to make Pakistan prosperous and progressive,” he added.