Coalition Govt Announces10 Per Cent Tax On Large-acale Industries: PM

Shehbaz Sharif says their first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them.

ISLAMABAD: (UrduPoint/UrduPoint / Pakistan Point News-June 24th, 2022) Prime Minister Shehbaz Sharif announced Friday that the coalition government planned to impose a 10% super tax on large-scale industries.

The PM said they took “tough decisions” to protect the economy on budget 2022-23.

“I want to tell you (people)about those decisions and the actual [economic] situation of the country,” said Shehbaz Sharif, pointing out the two major reasons behind these decisions.

He said their first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them.

Shehbaz Sharif said their second motive is to protect the country from going bankrupt," adding that it was devastated due to the "incompetency and corruption" of the previous Imran Khan-led government.

He stated that the decisions taken now will save the country from bankruptcy.

Meanwhile, PM Shehbaz further said that other motives included stabilisation of the economy and prosperity of the county.

“These aren’t just words, this is the voice of my heart and InshaAllah we will be able to achieve all these targets,” he maintained.

He said, "the first way out was easy; however, our [coalition government] conscience did not allow us to do something which would impact the country as the time was to protect the state and not politics,”.

Regarding the International Monetary Fund (IMF) programme, he said: “If the IMF doesn’t put forward any other conditions, I am hopeful that we will be able to reach a staff-level agreement with them soon.”

He further added that the coalition government has taken some “daring” decisions after mutual consultations to provide relief to the people; however, the premier admitted the nation will witness difficulties in the short-run.

“We will steer out of the economic crisis because of these decisions and step onto the path envisioned by Quaid-e-Azam,” he said, adding that after coming into power, the coalition government had two options; to call elections afresh or to protect the “devastating economy” of the country by taking some tough decisions.