ISLAMABAD (92 News) – The government has decided to impose a ten percent “poverty alleviation tax” on the country’s large scale industries.
This was announced by Prime Minister Shahbaz Sharif in a video message after chairing the meeting of his economic team in Islamabad today.
The Prime Minister said that after the budget bill is passed, teams will be formed to collect the tax. “Industries including cement, steel, sugar, oil and gas, fertilisers, banks, automobiles and cigarettes have been taxed.”
The government is proposing a poverty alleviation tax of four per cent on those earning Rs 30 crore annually, while three per cent for those earning more than Rs 25 crore, two per cent on those earning more than Rs 20 crore and one per cent tax. who earn more than Rs 150 million annually,” he said.
The Prime Minister expressed hope that Pakistan would soon come out of the economic crisis and announced relief to the poor sections of the society.
Shehbaz Sharif regretted that two thousand billion rupees tax is evaded annually. He said that the coalition government has taken a difficult decision and it has given priority to Pakistan over its politics.
The Prime Minister expressed hope that the affluent section of the society would show generosity and cooperate with the government.