Trading halted as KSE-100 crashes on PSX
Karachi: Trading on the Pakistan Stock Exchange (PSX) came to a halt on Friday after the KSE-100 index fell over 2000 points after Prime Minister Shahbaz Sharif announced a 10 per cent ‘super-tax’ on large scale manufacturers and industries. , reported ARY News.
There was heavy selling pressure on the stock market right from the opening bell. The benchmark KSE-100 index was down 2,053 points or 4.8 per cent at 12 noon. Till 12 noon, the market was trading at 40,663.62 points.
According to the PSX rulebook, if the KSE 100 index falls by 4.5pc or more, trading is halted for 45 minutes.
’10pc super tax’
Prime Minister Shahbaz Sharif today announced a 10 per cent super-tax on large scale manufacturers and industries in the country to address the economic crisis.
Announcing tough decisions in view of the current economic situation, the Prime Minister said that industries related to steel, cement, sugar, oil and gas, fertilisers, energy and terminals and textiles will be taxed at 10 per cent.
He also said that super tax will be imposed on banking and cigarette sector as well. “Teams will be formed to collect the tax after the budget bill is passed,” the prime minister said, adding that the tax would be levied for one sporting period.
Read more: PM Shehbaz Sharif said terms have been finalized with IMF
He further shared that those earning an annual income of Rs 15 crore would be taxed at one per cent, followed by two and three per cent tax on those earning an annual income of Rs 200 million and Rs 25 crore respectively.
“Those earning Rs 30 crore will pay four per cent on their annual income,” he said, adding that the poorer sections have played their part in overcoming the economic crisis and now it is the turn of the privileged to play their part. Carry out
‘IMF agreement soon’
Regarding the International Monetary Fund (IMF) programme, the PM said: “If the IMF does not put forward any other conditions, I hope the coalition government will soon reach an employee-level agreement with them.”
It was earlier revealed that Pakistan and the International Monetary Fund (IMF) have struck a ‘deal’ to release a tranche of US$ 1 billion after giving their approval to the budgetary adjustments for the financial year 2022-23.
According to finance ministry officials, the IMF fund has agreed on the budgetary estimates set for the next financial year and the country’s economic policies.
“The IMF will soon issue a handout confirming the staff-level agreement between the two sides,” he said.
, Trading halted as KSE-100 crashes on PSX
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