Govt Imposes 10% 'Poverty Alleviation Tax' On Large Scale Industries : PM Speaks To Economic Team
The government has decided to impose ten percent "poverty alleviation tax" on large scale industries of the country.
This was announced by Prime Minister Shehbaz Sharif after chairing meeting of his Economic team in Islamabad today.
The Prime Minister said teams will be formed to collect tax after the passage of budget bill.
He said tax has been imposed on industries include cement, steel, sugar, oil and gas, fertilizer, banks, automobiles and cigarette.
He said the government is proposing four percent poverty alleviation tax on the people who earn 300 million rupees annually, while three percent who has annual income over 250 million rupees, two percent on people earning over 200 million and one percent tax will be imposed on the people who earn over 150 million rupees annually.
The Prime Minister expressed the hope that soon Pakistan will come out of the economic crisis and announced to provide relief to the poor segment of society.
Shehbaz Sharif regretted that two thousand billion rupees tax is evaded annually.
He said the coalition government has taken difficult decision and it has preferred Pakistan over its own politics.
The Prime Minister hoped that affluent segment of society will show generosity and cooperate with the government.