Pakistan: PM Sharif imposes 10% ‘super tax’ on large-scale industries
Pakistan Prime Minister Shehbaz Sharif on Friday announced a 10 per cent “super tax” on large-scale industries like cement, steel and automobile, a move he said was aimed at tackling spiralling inflation and saving the cash-strapped country from going “bankrupt.”
High net worth individuals will also be subject to a “poverty alleviation tax,” Sharif announced after chairing a meeting of his economic team on the federal budget for the next fiscal year 2022-23.
The sectors on which this “super tax” will be levied include cement, steel, sugar, oil and gas, fertilisers, LNG terminals, textile, banking, automobile, cigarettes, beverages and chemicals, according to the Dawn newspaper.
Sharif explained that other motives included stabilisation of the economy.
Those whose annual income exceeds Rs150 million will be subject to 1 per cent tax; for Rs200 million, 2 per cent; Rs250 million 3 per cent; and Rs300 million will be taxed 4 per cent of their income, the Dawn report said.
