Prime Minister Shahbaz Sharif has said that important decisions have been taken to save the people from difficulties. Prime Minister Shahbaz Sharif announced the imposition of 10% super tax on major industries of the country.
Talking after presiding over the meeting of the economic team, Prime Minister Shahbaz Sharif said that the worst corruption took place in the previous government and we have taken important decisions to save the people from difficulties and we are trying to provide maximum relief to the people. ۔
He said that the economy was going bankrupt due to inexperience and corruption of the previous government but the country would now come out of these difficulties. We have made important budget decisions and this is the first budget in history to get the poor out of trouble.
The Prime Minister said that after taking over the government, we had two options, one was to go for elections by reforming the elections and the other was to take tough decisions and handle the sinking economy.
“We have decided that this is not the time to save politics,” he said. The first decision would have made it difficult for the people to save their political reputation, but the voice of conscience says it will be an abuse of the people and of itself and history will not forgive. This is the time to save the state, not politics.
Shahbaz Sharif said that together with the allies decided that politics will not save the state and then we sacrificed our caste and politics for Pakistan. These decisions will lead the country out of bankruptcy and the main purpose of the decisions is to get the people out of trouble.
He said that as per the announcements made in the budget, the IMF conditions have been approved and now if no more conditions come from the IMF, he hoped that an agreement would be reached. Surely we will come out of difficult times.
Announcing the imposition of 10% super tax on major industries of the country, Prime Minister Shahbaz Sharif said that in order to reduce poverty, taxes are being levied on the elite and 10% super tax will be levied on major industries.
He said that automobile, cigarette and aviation industries would be taxed while cement, chemicals, beverages, steel and sugar industries would be taxed at 10% super tax. The oil and gas sector will also be taxed at 10 per cent and the fertilizer industry and banking industry at 10 per cent.
Shahbaz Sharif said that Rs 2,000 billion tax disappears and the purpose of super tax is to reduce poverty. I promise to wake up at night to formulate policy with the allies while teams have been formed for tax collection and will seek help from the constitutional institutions.
He said that if we had fought against poverty by ending the war among ourselves, the country would not be in this condition today. Those earning Rs 150 million a year will be taxed at one per cent and those earning Rs 200 million a year at 2 per cent. Those earning Rs 25 crore per annum will be taxed at 3 per cent and those earning Rs 30 crore per annum at 4 per cent.