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Pakistan's rich have to pay 'super tax'

  • International
  • 25 June, 2022 17:44:52

Photo: Collected

International Desk: The government of Pakistan has imposed a 'super tax' on the richest people and the highest paid class in the country to alleviate poverty. An additional duty of Rs 200 billion has been announced on them. In his budget speech on Friday, Finance Minister Miftah Ismail announced the imposition of a 1-10% "one-time super tax" to raise a budget deficit of Rs 60 billion from large corporations. According to The Express Tribune, 1-4% tax has been imposed on those with an annual income of Rs 15 to 30 crore for an additional Rs 60 billion. The Pakistani government sees the imposition of the tax as a "poverty alleviation tax" proposal. If the annual income is more than Rs. 15 crore, 1 percent, if it is more than Rs. 20 crore, 2 percent, if it is more than Rs. Cement, steel, sugar, oil, gas, fertilizer, LNG terminals, textiles, banking, automobiles, cigarettes, beverages, chemicals and airlines have been brought under the 10% super tax in the industrial sector. A few minutes before the finance minister's speech, Prime Minister Shahbaz Sharif, in a pre-recorded address to the nation, explained the tough decision, saying, "The government has taken this 'bold' decision to protect the country from 'serious risks'." It is an attempt to liberate the poor. ” "When our government came to power, it faced two options: calling new elections or making tough decisions and tackling a collapsing economy," said Shahbaz Sharif. Meanwhile, Pakistan's business council has expressed doubts about the finance minister's promise. The organization says it is difficult to believe some of the promises made in the budget here now, based on past history. It will be difficult to collect the tax imposed. However, Prime Minister Shahbaz has promised to collect arrears of taxes from the people. He said, “A team has been formed to collect taxes. Assistance will be sought from all constitutional institutions. ” Meanwhile, Finance Minister Ismail said a specific income tax has also been introduced for jewelers, builders, restaurants and automobile traders.

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