Pakistan Prime Minister Shehbaz Sharif on Friday announced a 10% “super tax” on large-scale industries like cement, steel and automobiles, a move he said was aimed at tackling spiralling inflation and saving the cash-strapped country from going "bankrupt." High net worth individuals will also be subject to a "poverty alleviation tax," Mr. Sharif announced after chairing a meeting of his economic team on the federal budget for the next fiscal year 2022-23. “Our first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them,” Mr. Sharif said in a video message to the nation. “Our second motive is to protect the country from going bankrupt," he said, adding that it has been devastated due to the "incompetency and corruption" of the previous Imran Khan-led government. The sectors on which this “super tax” will be levied include cement, steel, sugar, oil and gas, fertilisers, LNG terminals, textile, banking, automobile, … [Read more...] about Pakistan PM Sharif announces 10% ‘super tax’ on large-scale industries