\u00a0Islamabad: Prime Minister (PM) Shehbaz Sharif on Friday (June 24) imposed a 10% \u2018Super Tax\u2019 on large-scale manufacturing (LSM) industries, news sources reported. The tax is imposed to improve national reserves and generate revenue. \u00a0 <\/p>\n\n\n\n
Read:<\/strong> Miftah assures realtors of tax relief, special provisions under FBR<\/a><\/p>\n\n\n\n Reportedly, the new tax has been imposed on steel, sugar, oil and gas, fertilizers, LNG terminals, textiles, banking, automobiles, cigarettes, beverages, and chemicals. The premier said that the tax has been imposed to sustain the dwindling national cash reserves. He said that the tax will be imposed in addition to the existing tax structure<\/a> and will generate additional revenue that will help create more opportunities for public-benefit projects and services. The premier was of the view that direct taxes on large-scale industries would reduce the tax burden on ordinary people.\u00a0 Furthermore, while explaining the newly imposed tax, Finance Minister Miftah Ismail stated that the 4% super tax will apply to all industries. However, an additional 6% will be applied to the chosen 13 sectors, for a total of 10%. <\/p>\n\n\n\n