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Prime Minister Shehbaz announces 10% super tax on mega companies from 1st of July

Pakistan’s stock market crashed today a few minutes after Prime Minister Shehbaz Sharif announced 10% supertax for mega companies with effect from July 1, 2022

ISLAMABAD: Prime Minister Shehbaz Sharif has announced imposition of 10 percent super tax on large-scale industries and companies in Pakistan with effect from July 1, 2022.

The mega companies are banks, automobile, textile, cigarette manufacturing, steel, cement factories, fertiliser manufacturing units, LNG terminals, and sugar mills, etc.

Meanwhile, rich people earning more than 200 million a year will pay two percent super tax, and those earning beyond 250 million per annum will pay higher tax rate, which will be utilised to combat poverty and stabilise national economy, PM added.

Prime Minister Shehbaz Sharif stated this in his nation-wide address on Friday morning with the aim to take them into confidence over the “tough decisions” taken by the coalition government in the federal budget for the next fiscal year 2022-23.

Addressing the nation, after a meeting with his economic team, the premier said that the coalition government has taken some “tough decisions” regarding the federal budget for the next fiscal year 2022-23. “I want to brief the people about those decisions and the actual [economic] situation of the country,” he said, highlighting the two major reasons behind these decisions.

“Our first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them,” he elaborated.

“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 decisions taken now will save the country from bankruptcy, he vowed.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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