Shehbaz Sharif declared that wealthy people will also be subject to a “poverty relief tax.”
In order to support the weight of inflation on the general populace, the prime minister claimed that the money collected from the “super tax” would be helpful for “poor relief.”
Steel, sugar, cement, oil, gas, fertilisers, LNG ports, banking, textile, vehicle, cigarette, chemical, and beverage sectors will all be subject to the taxes.
Shehbaz went on to say that cross-subsidy would be utilised to improve public services in the health and education sectors, and he emphasized on the need for such policies to lessen the nation’s dependency on foreign loans.
The prime minister announced a 1% tax rate hike for anyone making more than Rs. 150 million. Those making more than Rs 200 million will pay 2 percent more in taxes. Individuals who earn more than Rs250 million would see a 3 percent tax rate rise, and those who make more than Rs300 million will see a 4 percent tax rate increase.
PM Shehbaz said that the “wealthy will have to do their part” to lessen the impact of inflation on the less advantaged groups in society while announcing the higher tax rates.
“Those who are fortunate today must step ahead and advance Pakistan,” he added.