ISLAMABAD: Prime Minister Shehbaz Sharif has announced that a 10% super tax on large-scale industries was planned by the federal government in a series of tough decisions to protect the economy on budget 2022-23 and avoiding bankruptcy.
PM Shehbaz Sharif made the announcement while addressing the nation to brief on the decisions after meeting his economic team. He said that the government wants to provide relief to the masses and reduce inflation besides protecting the country from bankruptcy. He blamed the previous Imran Khan-led government for incompetency and corruption.
Regarding the International Monetary Fund (IMF) programme, the premier said that the country will be able to reach a staff-level agreement if the IMF does not put forward any other conditions. The prime minister urged the affluent sections of society to come forward and share the burden.
Announcing the imposition of a 10% super tax on cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile industries, he said it has been done to save the common man from taxes.
“A 1% tax has been imposed on people earning over Rs150 million, 2% on those earning over Rs200 million, 3% on those earning over Rs250 million and 4% on those earning over Rs300 million,” he announced.
- 1 per cent tax imposed on Rs 150 million per annum income
- 2 per cent tax imposed on Rs 200 million per annum
- 3 per cent tax imposed on Rs 300 million income per annum
- 10 per cent tax imposes on chemicals and beverages
- Tax also imposed on banking, cement, oil and gas, cigarette, auto, aviation, LNG terminal
- Tax on jewellery shops has been imposed
- On-premises of shops has been fixed at Rs40,000 per shop of jewellery
- They are nearly 30,000 jewellery shops in this only four hundred shops are registered
- Withholding tax on the sale of gold sales by consumers cut to one per cent from 4 per cent
- Oil marketing companies minimum tax has been reduced to 0.50 per cent from 0.75 per cent