In what can be called a shocking move, Pakistan Prime Minister Shabaz Sharif has declared that the government will start imposing a ‘Super Tax’ of 10% on all large scale industries. To beat the growing inflation in the country, Pakistani government had to take this decision and it will likely impact Cement and Steel industries big time. This was announced during a meeting for financial analysts committee that is looking at the upcoming FY (2022-23) budget.
This decision has been taken to reduce the burden on people and decrease the inflation worries among middle class. Other industries that attract Super Tax include chemicals, gas, Sugar, Textile, Banking, Motor Vehicles, LNG terminal etc.
Hoping that Pakistan will soon be coming of all economical problems, President Shabaz said they will ensure to achieve the financial target that is set. Soon after this announcement, Pak Stock Exchange Index KSE-100 fell over 4.81%.