FMT News

Pakistan levies ‘super tax’ on big industries

9 days ago

Pakistan’s finance minister Miftah Ismail called it a super tax, pleading with large scale industry to bear with it just for one year. (AP pic)ISLAMABAD: Pakistan will impose an extra one-time 10% tax on large scale industry for one year to raise over 400 billion Pakistani rupees (US$1.93 billion) ahead of a deal to resume crucial funding from the International Monetary Fund, finance minister Miftah Ismail said today. The announcement comes ahead of what Pakistan hopes will be an agreement to unlock a new tranche of IMF funds which are needed to avert a balance of payment crisis.