Prime Minister Shehbaz Sharif has announced the decision to impose a 10 percent ‘super tax’ on large-scale industries to increase revenue. This revenue will be spent on poor segments as direct subsidies or financial payments.
Addressing the ministers and officials, the premier announced the imposition of a 10 percent tax on cement, steel, sugar mills, automobiles, and the banking sector. Similarly, cigarettes, oil and gas, textiles, fertilizers, energy, and gas terminals will also be taxed at 10 percent.
He claimed that tax revenue of around Rs. 2,000 billion is estimated to be evaded or goes unaccounted for. He added that the country is moving towards economic stabilization and unnecessary expenditure needs to be reduced.
“The International Monetary Fund (IMF) deal is around the corner. We have met all the conditions, if nothing is added we will soon get it restored,” he said.