Friday June 24, 2022

Chinese Consortium Loan Worth 2.3 billion Dollars Credited SBP

Islamabad: Minister for Finance and Revenue Miftah Ismail says Chinese consortium loan worth 2.3 billion dollars has been credited into State Bank of Pakistan.

Announcing this in a tweet on Friday, he said this amount will help increase our foreign exchange reserves.

Earlier in the day, Minister for Finance Miftah Ismail said the government has decided to levy super tax on the affluent class to reduce budget deficit in order to end reliance on foreign assistance and take the country towards economic sovereignty.

Winding up discussion on the budget for the next fiscal year, he said individuals and companies earning 150 million rupees will have to pay one percent additional tax, two percent additional tax on 200 million rupees income, three percent on 250 million rupees income and four percent additional tax on 300 million rupees income. He said this tax will be for a period of one year.

The Minister for Finance said that thirteen high earning sectors including oil and gas, cigarettes, cement, LNG terminals have also been identified for imposition of ten percent super tax on income of three hundred million rupees. He clarified that this will be one time tax.

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