Pakistan Imposes Super Tax: In order to help the poor in view of the deteriorating financial condition of Pakistan, increasing revenue and rising inflation, it has been announced to impose a super tax of 10 percent on the big industries of the country. The Prime Minister of Pakistan Shehbaz Sharif has announced this while addressing the nation. After this decision of the Government of Pakistan, the stock exchange there collapsed.
In fact, Prime Minister Sharif announced that in order to increase revenue and help the poor in view of the backbreaking inflation, it has been decided to impose a 10 percent super tax on the big industries of the country. Cement, steel, sugar in big industries. It has been decided to impose this 10 percent super tax on industries related to oil and gas, fertiliser, LNG terminals, textile, banking, automobile and cigarette. While addressing the country, Shahbaz Sharif said that the coalition government had to take this courageous decision to save and rescue the country from the grave crisis.
After this announcement by the Prime Minister of Pakistan, there was a big decline in the stock exchange there. The market slipped 2,000 points in minutes. The Government of Pakistan has so far decided to increase the cost of fuel, electricity prices to taxes, as well as cut in government expenses. In fact, inflation in Pakistan has reached the highest level of two years in the month of May, then the value of the currency has declined by 17 percent. Pakistan’s foreign exchange has come down to less than 10 billion dollars. With this, only two months’ worth of imports can be completed. Whereas Pakistan needs $ 41 billion annually to pay for one year’s imports and outstanding debt.