Title: 'Storm of inflation': PM Shehbaz announces 10pc 'super tax' on large-scale industries
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Prime Minister Shehbaz Sharif on Friday announced that to control the “storm of inflation”, the government would be imposing a 10 percent “super tax” on large-scale industries.
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, fertilizers, LNG terminals, banking, textile, automobile, and cigarettes.
In his address, the premier discussed the “tough” economic decisions taken by the incumbent coalition government, as Pakistan edges towards a default.
The premier stated that the economic conditions placed upon the country aimed to reduce the burden of inflation on the masses. He added that the “incompetence and corruption” of the former ruling Pakistan Tehreek-e-Insaaf (PT) government had destroyed the economy.
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In his address, the premier assured that economic conditions would improve and confidence in the economy would recover.
With regard to the $6 billion bailout package from the IMF, PM Shehbaz stated that conversations with the financial watchdog had been successful and if the body had no more requirements, the tranche would be resumed.
“We have taken decisions that will prove difficult in the short run but in the long run they will pay off,” he added.
The premier highlighted that the coalition government had two initial options; to call early elections or to tackle the economy. He remarked that elections would have been the easier option, however, “history would not forgive us”.
“It was not to save the government by rather the country,” he added.
Published Date: 24-Jun-2022
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