What is a super tax? The Finance Minister explained

4% super tax on all sectors and 10% super tax on 13 specific sectors: Minister of Finance / File photo

ISLAMABAD: Finance Minister Muftah Ismail has clarified this after Prime Minister Shahbaz Sharif imposed super tax on big industries.

Speaking in the National Assembly, Muftah Ismail said that 4% super tax has been imposed on all sectors and 10% on 13 specific sectors after which the tax on these sectors will be increased from 29% to 39%.

He said that this tax has been imposed once to reduce the budget deficit.

Earlier, the Prime Minister had said after the meeting of the economic team that industries have been taxed to save the common man from taxes, cement, steel, sugar industry, oil and gas, LNG terminal, fertilizer, banking, textile, The automobile, chemical, beverage and cigarette industries will also be subject to a 10% super tax.

He said that one per cent tax should be levied on those earning more than Rs 150 million per annum, 2 per cent on those earning more than Rs 200 million per annum, 3 per cent on those earning more than Rs 250 million per annum and 4 per cent on those earning more than Rs 300 million per annum. Which is a poverty reduction tax.

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