Miftah’s remark came after the premier announced a 10% “super tax” on key businesses. According to the government, the decision was made to help the disadvantaged section of society.
Economy
The benchmark KSE-100 index opened in the green in line with its positive trend a day earlier; however, it soon plunged a massive 2,053.35 points or 4.81%. The market was trading at 40,663.62 points as of 12pm.
The decline in the price of yellow metal comes after the rupee gained pace against the major currencies, rising by Rs4.7 versus the US dollar amid prospects of the IMF rescue plan being revived.
Pakistan’s stock market crashed today a few minutes after Prime Minister Shehbaz Sharif announced 10% supertax for mega companies with effect from July 1, 2022
According to tanker-tracking services, China obtained 2 million barrels of Iranian petroleum last week, most likely intending to transport the oil to state stockpiles.
The minister stressed the need for addressing the issue of problematic projects on an urgent basis, especially those facing chronic delays so as to pace up disbursements and progress.
Climate change-induced heat waves are expected to rise more often, and mango production is in jeopardy. According to some estimates, between 50 and 60 percent of this year’s mango harvest has been affected.
“We have also imposed some super taxes with most taxes imposed on sugar,” he said adding that the companies owned by the Prime Minister Shehbaz Sharif’s family will also be impacted by this tax.