Prime Minister Shahbaz Sharif has said that in order to lift Pakistanis out of poverty and boost the economy, the economic team has decided ...
Prime Minister Shahbaz Sharif has said that in order to lift Pakistanis out of poverty and boost the economy, the economic team has decided to impose 10% 'super tax' on big industries.
It should be noted that a super tax is a tax that is levied by any government on its revenue to cover its expenses.
Talking to media after presiding over the meeting of the economic team, Prime Minister Shahbaz Sharif said that we have taken important decisions, on these decisions I want to take the people into confidence and inform them about the situation.
The Prime Minister said that the decisions taken today have two objectives. The first objective is to make a sincere effort to save the people of Pakistan from inflation and to provide some relief and relief to the people as a result of the burden of inflation. Go
He said that the second objective was that the economy which was going bankrupt due to incompetence, inexperience and corruption of the previous government, with the help of these measures Pakistan would get out of this bankruptcy.
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The Prime Minister said that I personally know how much corruption has taken place in the previous government, that is why I mentioned corruption.
He said that we want to stabilize the economy of Pakistan and bring a revolution of prosperity as a result of hard work of the people. This is not a rhetoric and it will continue to happen.
He said that some of the conditions offered in the budget announcements and negotiations with the IMF have been complied with.
The Prime Minister said that the coalition government has taken bold decisions to get Pakistan out of this dire situation.
Shahbaz Sharif said that after taking over the government, we had two options, one was to announce elections by carrying out electoral reforms and the other was to make difficult decisions.
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He said that it was time to save the state and not politics. We have decided that we will move forward with courage, work hard day and night and cross the boat of hesitant economy.
Shahbaz Sharif said that this is our first budget which aims to save the people of Pakistan from extraordinary hardships. The steps we have taken are aimed at reducing the burden on the shoulders of the poor and You can get help from them.
He said that history has shown that in every challenge and difficult situation the poor have sacrificed, today the people of status have to pay their dues.
He said that we have given economic vision in the budget and it has included the cooperation of all parties, this economic policy will put Pakistan on the path of development and will try to control the storm of inflation.
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Shahbaz Sharif said that today it has been decided that we are imposing taxes on major industries to reduce poverty, including cement, steel, sugar industry, oil and gas, agriculture, banking industry, automobile industry, cigarette menu. Including the manufacturing industry, they are taxed at 10%.
The sector of the cigarette industry pays 60% tax while 40% does not pay tax. It is the job of the state to collect the tax. There was no delay.
"We will use all the digital tools for tax collection, collect taxes to save the common man from the tax burden and use the tax money on the people, if we do not do that," he said. So we have to borrow.
The Prime Minister said that today we have to tear down the wall of hatred and we have to remove the thorns. This is possible only through Grand National Dialogue. When the nation builds its mission, the situation in Pakistan will change.
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Talking about taxes, the Prime Minister said that one per cent tax is being levied on the income of those who earn Rs 150 million annually, those earning Rs 200 million will pay 2 per cent tax.
He said that those earning more than Rs 250 million are being taxed at more than 3% while those earning more than Rs 300 million are being taxed at more than 4%.
The Prime Minister said that the tax money would be spent on the welfare and development of the poor.
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