Islamabad, Trapped in a vicious cycle of economic crisis amid rising inflation, declining foreign exchange reserves and rising debt, the government has announced a 10 per cent super tax on large industries. This 10 per cent tax will be levied on industries like cement, steel, automobiles.
In addition, a poverty alleviation tax has been announced on the rich. The announcement was made by Pakistan’s Prime Minister Shehnaz Sharif after a meeting with his team ahead of the FY 205-2 budget.
“Our first goal is to reduce the burden of rising inflation on the people of the country and our second goal is to prevent the country from going bankrupt,” Sharif said after the meeting.
Prime Minister Sharif added that the current situation is due to the inefficiency and corruption of Imran Khan’s previous government. According to Pakistani media, it is likely that people earning three per cent and above will be taxed at four per cent.