KARACHI: The Pakistan Stock Exchange (PSX) crashed on Friday minutes after Prime Minister Shehbaz Sharif announced a 10 percent ‘super-tax’ on large-scale manufacturers and industries, media reported.
The bourse was under severe selling pressure right from the opening bell. At 12pm, the benchmark KSE-100 index was down 2,055 points or 4.8pc. The trading was halted for 45 minutes.
The market was trading at 41,198 points as of 3pm.
Read more: Rupee breaches 211-a-dollar barrier on delay in revival of IMF programme
As per the PSX Rulebook, if the KSE 100 index falls 4.5pc or more, trading is halted for 45 minutes.
’10pc super tax’
Prime Minister Shehbaz Sharif today announced a super-tax of 10 percent on large-scale manufacturers and industries in the country in order to address the economic woes.
The prime minister while announcing the tough decisions in the wake of the ongoing economic situation said that industries related to steel, cement, sugar, oil and gas, fertilizers, energy and terminal, and textile will face a 10 percent tax.
In addition, he said that the super tax will also be imposed on the banking and cigarette sectors. “Teams will be formed to collect tax after the passage of the budget bill,” the prime minister said and added that the tax will be levied for a sport period of time.
He further shared that those earning an annual income of Rs150 million will be taxed one percent, followed by two and three percent taxes on those having annual income of Rs200 million and Rs250 million respectively.
“Those earning Rs300 million will pay four percent on their annual income,” he said and added that poor segments had played their role to address economic woes and now it is the turn of those privileged to play their part.
‘IMF agreement soon’
Regarding the International Monetary Fund (IMF) programme, PM said: “If the IMF doesn’t put forward any other conditions, I am hopeful that coalition govt would reach a staff-level agreement with them soon.”
It emerged earlier that Pakistan and International Monetary Fund (IMF) have reached a ‘deal’ for the release of a US$1 billion tranche after the latter gave its nod to the budgetary adjustments for fiscal year 2022-23.
According to officials of the finance ministry, the IMF fund agreed to the budgetary estimates set for the next fiscal year and the economic policies of the country.
“The IMF will soon release a handout confirming the staff level agreement between the two sides,” they said.
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