Wed. Jun 19th, 2024

ISLAMABAD: Prime Minister Shahbaz Sharif on Friday said that the government has decided to introduce steel sugar in automobiles and oil sugar fertilizer in textiles. The Prime Minister said that he had committed corruption as he knew that the previous government was mired in corruption and the PTI government was aware of delays and development.

He said that the government is taking these measures at the cost of their politics, adding that they had two options and decided to save the country.

The prime minister urged the affluent sections of the society to come forward and share the burden.

He said that this is the first budget in which the government has provided an “economic vision”, warning the nation of difficult times ahead.

Announcing the imposition of a 10% super tax on cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile industries, he said it has been done to save the common man from taxes.

“1% tax has been imposed on those earning over Rs150 million, 2% on those earning over Rs200, 3% on those earning over Rs250 million and 4% on those earning over Rs300 million,” he added.

PM Shahbaz Sharif said he had formed teams to boost tax collection with the help of organs of state institutions and through digital means.

He mentioned that 60% of the formal sector was paying taxes, however, the rest of the 40% economy needed to be brought into the tax net.

He said the collected tax would be diverted towards the projects of health, education, skilled training and information technology.

For the first time in the country’s history, he said, a budget has been presented to provide relief to the common man, orphans, widows and the poor.

The prime minister hoped that with hard work and faith in Allah Almighty, things would ease up.

He expressed confidence that the measures would take Pakistan forward on the path of prosperity, progress and economic stability.

He mentioned the support of the leaders of allied parties in standing shoulder to shoulder with the government.

He said merit, honesty, integrity and upholding the right of the downtrodden were the hallmark of his government.