Karachi June 24 2022: KSE 100 index drop 2,053 points or 4.81% as Prime Minister of Pakistan announces 10 percent super tax on corporates.
Prime Minister Shahbaz Sharif announced the imposition of 10% super tax on other major industries including textiles, cement and steel.
Talking after the meeting of the economic team, the Prime Minister apprised them of the steps taken in the budget.
He said that the worst corruption took place in the Imran Khan government, the economy was going bankrupt, we have to stabilize the economy of Pakistan, if there is no further condition from the IMF, then we will have an agreement.
Announcing the imposition of super tax on major industries, Prime Minister Shahbaz Sharif said that industries like cement, steel, sugar industry, oil and gas, fertilizer, banking, textile, automobile, chemical, beverages and cigarette industry have been taxed to save the common man from cottage tax. But 10% super tax will be levied.
He further said that one per cent tax would be levied on income of more than Rs 150 million per annum, 2 per cent on annual income above Rs 200 million, 3 per cent on annual income above Rs 250 million and 4 per cent on annual income above Rs 300 million.
He said that important decisions have been taken regarding the budget, the coalition government has taken very bold decisions in consultation, these decisions will bring difficulties in the short term but will overcome these difficulties.
Shahbaz Sharif said that after taking over the government, we had two options, one was to reform the elections and move towards elections and the other was to make tough decisions and handle the sinking economy of Pakistan. The first option was to save political credibility. But the voice of conscience was that this would be an abuse of the people of Pakistan, we decided that this is not the time to save politics, this is the time to save the state.
The Prime Minister said that this is the first budget in which economic vision has been given but I will not show any greenery, there is a storm of inflation, we will take steps to reduce it, we will take action and we will control inflation.
