Wealthy Targets: PM announces ‘Robin Hood’ tax

By Staff Reporter

ISLAMABAD: The government has finally decided to go after the wealthy to make them cough up higher taxes on top of rationalising the tax regime to ensure it’s equitable, Prime Minister Shehbaz Sharif said on Thursday.
Economists say Pakistan could easily squeeze more revenues out of professional incomes as when it comes to the riches, it unfortunately remains mostly undertaxed, in the face of an extraordinary growth in high net-worth individuals in the country.
“The tax collected from the affluent will be spent on the working and poor classes that are the real builders of Pakistan,” the premier said while addressing the senators of Pakistan Muslim League-Nawaz (PMLN).
Shehbaz added that the government was committed to steer the country out of the difficult economic situation and the government is prioritising steps to bring prosperity and development.
The prime minister said though the country could still face the difficult times ahead due to the inefficiency of the previous regime, yet the coalition government would counter every challenge effectively.
The coalition partners, he added, were unanimous that their 14-month tenure would be used for reformation and improvement by keeping the country ahead of political interests.
He pointed out that the Pakistan Tehreek-e-Insaf government had struck a deal with the International Monetary Fund (IMF) to pass on the change in fuel prices to the people, and had also agreed to raise petroleum levy by Rs 30.
However, he said, the Imran Khan-led regime quashed the deal and suddenly reduced the petroleum prices in March at a time when the oil had skyrocketed globally.
“This abnormal imbalance left the country in a difficult economic situation,” he added.
The prime minister said his government would keep the nation on board regarding difficult economic decisions and not deceive them, unlike the PTI regime.
“The conditions for the deal with the IMF had been finalised, however, its positive results in the shape of development would take some time.”
Shehbaz stressed the need for strengthening the national economy by taking effective steps.
He said the PTI government had no empathy for the common man as it ended several projects of the last Pakistan Muslim League-N tenure that were aimed at public welfare.
He said our forefathers had rendered immense sacrifices to establish a separate homeland to lead a comfortable life.
However, during the last 75 years, all governments, including civil and military, could not help get that dream materialised.
PM Shehbaz said China, Saudi Arabia, the United Arab Emirates, and Qatar always supported Pakistan in difficult times.
He mentioned that the recent $2.3 billion loan from China was a respite in the current trying times.
Also, to reduce the burden on the poor, a Rs 2,000 stipend was announced to provide them relief, he added.
He termed it a political and religious obligation of the rich to accommodate the deserving people and contribute to the prosperity of the nation.
He said in the next few days, he would address the nation to take them on board regarding the steps taken by the government to improve the economic situation.
He said Pakistan did not need a “Naya Pakistan”, but the Pakistan of Quaid-e-Azam Muhammad Ali Jinnah.
Shehbaz Sharif said the PTI regime with its negative approach inflicted damage to the ties with other countries, however, the present government was taking steps to mend them for the benefit of the nation.