PM announces 10% 'poverty alleviation tax' on large scale industries

The government has decided to impose ten percent "poverty alleviation tax" on large scale industries of the country.

This was announced by Prime Minister Shehbaz Sharif in a video message after chairing meeting of his economic team in Islamabad on Friday.

The Prime Minister said teams will be formed to collect tax after the passage of budget bill.

The industries on which 10 percent to be levied included automobiles, cigarette, cement, steel, sugar and LNG terminal.

The premier took the nation into confidence over what he described as "tough" budget decisions. He said that the coalition government made "courageous" decisions to protect the country from "serious dangers".

He recalled that the government had two options when it first came to power, to call fresh elections or to take tough decisions and tackle the sinking economy. "It would have been very easy to leave the public in crisis and become silent spectators like others."

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