Friday June 24, 2022

Industries Will Shut Down Owing To Imposition Of Super Tax: Shaukat Tarin

KARACHI: Former finance minister Shaukat Tarin has termed the Federal Budget 2022-23 as ‘anti-people’ and ‘bloody’, warning that Pakistan could face Sri Lanka-like crisis if elections are not announced immediately.

Addressing a press conference at Karachi Press Club, Shaukat Tarin has urged the incumbent government to stop ‘telling lies’ about the economy, pointing out that PTI’s tenure witnessed “record growth” in all sectors.

The former minister said that if the PTI was still in power, they would approach Russia for cheaper oil and would provide relief on petrol and diesel. “You [the government] are taking the country towards default. Instead of imposing any new taxes, the PTI government recovered Rs1400 billion revenue,” he noted.

He also criticized the Prime Minister Shehbaz Shairf-led government for imposing ‘Super Tax’ on industries, saying that the new taxes on 13 sectors will further impose burden. “The measure would force industries to shut down and eventually unemployment will increase,” he added.

The PTI Senator noted that the PTI regime had a progressive tax system, which benefited the both – citizens and the government. “This government will impose a petroleum levy of Rs700 billion. The small trader will be completely destroyed by such measures,” he added.

Shaukat Tarin further said that such measures would bring a storm of inflation and factories would shut down. “Industries would start shutting down with 10 percent ‘Super Tax’, their subsidy was reduced by Rs500 billion,” he added.

Referring to Shehbaz Sharif, Shaukat Tarin said after the prime minister’s announcement, the Pakistan Stock Exchange (PSX) witnessed a bloodbath and the Rupee once again fell. He claimed that the International Monetary Fund (IMF) does not believe the incumbent government.

Giving details about the PTI’s performance, he said that the government had set up price monitoring committees to control inflation. “However, this coalition regime has closed the committees. They don’t care about the poor and controlling inflation is not their priorities,” he added.

The former finance minister warned that Pakistan could face Sri Lanka-like crisis if the elections were not announced immediately.

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