Govt To Slap 10pc Super Tax On Affluent Class, Says Miftah.

ISLAMABAD -- Minister for Finance Miftah Ismail on Friday informed the National Assembly that the coaAlition government has decided to impose 10 per cent 'super tax' on the affluent class to reAduce the budget deficit.

'The purpose of impoAsition of 'super tax' is to reduce the budget defiAcit in order to end reliAance on foreign assisAtance,' said the Finance Minister while winding up the debate on budAgetary proposals.

About the Imran Khan-led government's economic policies, the Finance Minister comAmented that the counAtry was near to default but now it was on the path to progress.

Giving details of the super tax, the minisAter explained that indiAviduals and companies earning Rs 150 milAlion annually will have to pay one percent adAditional tax, two perAcent additional tax on Rs 200 million income, three percent on Rs250 million income and four percent additionAal tax on Rs 300 milAlion income. 'This next tax will be valid only for this term (one year),' he announced.

About the budgetary proposals by the oppoAsition, Miftah said most of the recommendaAtions suggested by parAliamentarians in their speeches would be inAcorporated into the budAget. Clarifying the taxes announced by Prime Minister Shehbaz SharAif, he said that no indiArect taxes had been imAposed and neither had any tax been imposed on consumption. 'This governAment has taxed the rich segment of the society,' he said announcAing that tax would be imposed over the companies owned by the sons of PM Shehbaz.

About his own company, the Minister said his companies will also pay Rs200 million more in taxes. 'If we are asking others to pay more taxes we also contribAute in this cause,' the finance minister said. He also said the government had committed to the IMF that the primary deficit of Rs1,600 billion recorded this year would not only be brought down but also there would be a surplus of Rs153 billion.

'An additional tax of 1pc would be imposed on individAuals and entities whose annual income exceeded Rs150 million on account of poverty alleviaAtion,' he said mentioning that those with an annual income of over Rs200 million would be subject to an additional tax of two percent.

He said those earning more than Rs250 million to three perAcent and those having an annuAal income of more than Rs300 million would be taxed four perAcent of their income. 'This will be onetime tax for the fiscal year 2022,' he said mentioning that this government has identiAfied 13 sectors that had...