Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Pak PM announces 10 per cent ‘super tax’ on large-scale industries

IANS
Updated: June 24th, 2022, 15:24 IST
in Business, International
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

Islamabad: Pakistan Prime Minister Shehbaz Sharif Friday announced a 10 per cent “super tax” on large-scale industries like cement, steel and automobiles, a move he said was aimed at tackling spiralling inflation and saving the cash-strapped country from going “bankrupt.”

High net worth individuals will also be subject to a “poverty alleviation tax,” Sharif announced after chairing a meeting of his economic team on the federal budget for the next fiscal year 2022-23.

Also Read

Closely monitoring situation along Cambodia-Thailand border: India

Closely monitoring situation along Cambodia-Thailand border: India

10 hours ago
India remains committed to support aspirations of Maldivian people: PM Modi

India remains committed to support aspirations of Maldivian people: PM Modi

10 hours ago

“Our first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them,” Sharif said in a video message to the nation.

“Our second motive is to protect the country from going bankrupt,” he said, adding that it has been devastated due to the “incompetency and corruption” of the previous Imran Khan-led government.

The sectors on which this “super tax” will be levied include cement, steel, sugar, oil and gas, fertilisers, LNG terminals, textile, banking, automobile, cigarettes, beverages and chemicals, he said.

Sharif explained that other motives included stabilisation of the economy.

“These aren’t just words, this is the voice of my heart and InshaAllah we will be able to achieve all these targets,” he said.

He said history had witnessed that in difficult times, it was the poor people who always made sacrifices.

“Today, it is time for the affluent citizens to do their part. It is their turn to show selflessness. And I am confident that they will contribute fully to play their part,” Sharif said.

He said the institutions whose job is to collect tax should take from the rich and give to the poor.

Those whose annual income exceeds Rs 150 million will be subject to 1 per cent tax; for Rs 200 million, 2 per cent; Rs 250 million 3 per cent; and Rs 300 million will be taxed 4 per cent of their income, he said.

The government has also pledged an increased tax collection from PKR 7 trillion to PKR 7.4 trillion in the next fiscal year beginning July 1.

Sharif said teams will be formed to collect taxes after the passage of the budget bill.

The prime minister expressed the hope that “soon Pakistan will come out of the economic crisis and announced to provide relief to the poor segment of society.”

He recalled that the government had two options when it came to power — call fresh elections or take tough decisions and tackle the sinking economy.

“It would have been very easy to leave the public in crisis and become silent spectators like others,” he explained.

Sharif made another appeal for a “grand national dialogue” to end the country’s current economic travails.

“It is never too late. Today we have to demolish the walls of poverty, unemployment and hatred. We have to give birth to flowers of love and end thorns. This is only possible through a grand national dialogue and charter of economy,” he asserted.

Meanwhile, the Pakistan Stock Exchange’s benchmark KSE-100 index witnessed a 4.81 per cent drop after Sharif’s announcement.

The premier on Thursday had warned that the country may witness more difficult times as it struggles to steer itself out of the ongoing economic crisis.

Sharif said that his government faced an uphill task to revive a stalled assistance programme by the International Monetary Fund (IMF) due to the broken promises with the global lender by the previous Imran Khan-led government.

Sharif, who came to power in April after Khan’s government was toppled through a no-confidence vote, made it a priority to revive the IMF programme as it would unlock several avenues to access loans from different sources.

After many meetings and hiccups, the two sides on Tuesday night reached a broader understanding to restore a USD 6 billion package, providing a much-needed boost to Pakistan’s economy.

The premier, however, said that the economic situation would not improve overnight once a deal with the IMF was signed.

“Will prosperity come overnight after an agreement is signed? Not at all, (but) we have to strengthen our financial position,” he said.

Tags: Large-scale industriesPakistan PMShehbaz Sharifsuper tax
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

slide 2 to 4 of 30
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Sitakanta Mohanty

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Tapaswini Mallick

December 12, 2019
#MyPaperBagChallenge

Vandana Singh

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Aishwarya Ranjan Mohanty

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Saishree Satyarupa

December 12, 2019
#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Anup Mahapatra

December 12, 2019
#MyPaperBagChallenge

Matrumangal Jena

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Sarmistha Nayak

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Geetanjali Patro

December 12, 2019
#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019

Archives

Select Month

    Editorial

    Honeytrap Alarm

    July 26, 2025

    If your password is still “1234” and you think a luxury hotel room is a safe space, you’re probably not...

    Read more

    Exit Mystery

    Jagdeep Dhankhar
    July 23, 2025

    A major controversy has erupted after the sudden resignation of Vice President Jagdeep Dhankhar, tendered hours after he had attended...

    Read more

    Voting At 16

    Ballot Box
    July 22, 2025

    It has long been held that when one is young, one tends to subscribe to pro-poor and people-oriented progressive politics,...

    Read more

    Water Bomb

    OPiate
    July 21, 2025

    On 19 July, China began constructing a $167.8 billion dam on the Brahmaputra River in Tibet, close to the Indian...

    Read more
    • Home
    • State
    • Metro
    • National
    • International
    • Business
    • Editorial
    • Opinion
    • Sports
    • About Us
    • Advertise
    • Contact Us
    • Jobs
    Developed By Ratna Technology

    © 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST

      • News in Odia
      • Orissa POST Epaper
      • Video
      • Home
      • Trending
      • Metro
      • State
      • Odisha Special
      • National
      • International
      • Sports
      • Business
      • Editorial
      • Entertainment
      • Horoscope
      • Careers
      • Feature
      • Today’s Pic
      • Opinion
      • Sci-Tech
      • About Us
      • Contact Us
      • Jobs

      © 2024 All rights Reserved by OrissaPOST