Pakistan imposes 10 per cent super tax on sugar and other large-scale industries

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Taking harsh steps to curtail inflation, increase revenue and support the poor people in the country, Pakistan’s Prime Minister Shehbaz Sharif has announced a 10 per cent “super tax” on the sugar and other large-scale industries, reported the Dawn on June 24.

Apart from the sugar, cement, steel, fertilizers, oil and gas, LNG terminals, banking textiles, cigarettes, and automobiles will be taxed.
The decision has been taken to protect the country from “serious dangers”, said Sharif.

After the PM’s announcement, the Pakistan Stock Exchange (PSX) went down crashing by over 2000 points.

The foreign exchange reserves in Pakistan have gone below $10 billion and would be able to cover less than two months of imports.

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