Pak PM announces ‘super tax’ on big industries

Pakistan Prime Minister Shehbaz Sharif on Friday announced that to control the “storm of inflation”, the government would be imposing a 10 per cent “super tax” on large-scale industries, the media reported.

In his address, the premier discussed the “tough” economic decisions taken by the incumbent coalition government, as Pakistan edges towards a default, the Express Tribune reported.

The premier stated that the revenue generated from the “super tax” would be beneficial for “poverty alleviation” in order to support the burden of inflation on the masses.

Sectors which will be subject to the tax include; steel, sugar, cement, oil, gas, fertilisers, LNG terminals, banking, textile, automobile, cigarettes, chemicals and beverages.

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