Business Standard

Pakistan govt slaps 10% super tax on big industries to trim deficit

Tough decisions needed to save economy: Pak PM

Shehbaz Sharif

Pakistan PM Shehbaz Sharif.

Pakistan will impose an extra one-time 10% tax on large scale industry for one year to raise over 400 billion Pakistani rupees ($1.93 billion) to clinch a crucial deal from the International Monetary Fund, Finance Minister Miftah Ismail said on Friday.

The announcement comes ahead of what Pakistan hopes will be an agreement to unlock a new tranche of IMF funds which are needed to avert a balance of payment crisis.

"Let me share this good news that this country isn't heading toward a default anymore," the finance minister told parliament in his concluding budget speech that brought in the new taxes.


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First Published: Jun 24 2022 | 10:59 PM IST

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