Super Tax Announced.
Continuing the trend of taking tough decisions at the expense of political capital, PM Shehbaz Sharif has announced that the government will be imposing a 10 percent 'super tax' on large-scale industries in order to control surging inflation. During his address to the nation, PM Shehbaz justified the move by explaining how the country finds itself in exceptional circumstances and that a default was becoming a serious reality.
According to reports, the sectors which will be subjected to tax include steel, sugar, cement, oil, gas, fertilisers, LNG terminals, banking, textile, automobile, cigarettes, chemicals, and beverages. The revenue generated from imposing these taxes will be directed towards poverty alleviation in order to provide some relief to the burdened masses. Furthermore, PM Shehbaz Sharif stated that cross-subsidy would be used to strengthen public services in the education and the health sector and elaborated that such policies were necessary to reduce the country's reliance on foreign loans.
The intention to tax high earners so that more funds can be diverted towards education, health, infrastructure, skills education, and other important sectors should be applauded. However, the verdict is split on whether this was the best approach to adopt.
There is no denying such measures were urgently...
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