Prime Minister (PM) Shehbaz Sharif announced that the coalition government plans to impose a 10 per cent super tax on large-scale industries, and that “tough decisions” have been taken to protect the economy in budget 2022-23.
Addressing the nation, PM Shehbaz announced the imposition of a 10 per cent super tax on cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile industries, adding that it it has been done to save the common man from taxes.
PM said that people whose annual income exceeds Rs150 million will be subject to one per cent tax; for Rs200 million, two per cent; Rs250 million three per cent; and Rs300 million will be taxed four per cent of their income.
PM Shehbaz said the steps taken in the budget were designed to ease the burden on the poor. “And the classes who are blessed, today, this nation is demanding of them to also work hard, to come forward and to make Pakistan prosperous, progressive and with its head held high,” he added.
The premier called on the wealthy to distribute some of their wealth and “relive the memory of Ansar-i-Madina”. “This is your responsibility, and the nation demands it of you,” he said.
