Arif Habib expects super tax cut in upcoming budget
Talking to media persons at the Pakistan Stock Exchange (PSX) on Monday, Arif Habib shared that Prime Minister Shehbaz Sharif, in a recent meeting held just a few days ago, has indicated that in the upcoming budget, further relief will be provided to various industries as well as the salaried class.
'I think we can also expect a reduction in the super tax in particular,' said Habib.
The federal government will present the next fiscal year's budget on June 2.
Commenting on the ongoing cross-border tensions, Arif Habib maintained that India 'wrongly accused' Pakistan and misled its people.
'As a result, it is not only facing backlash from its public but is also under severe criticism in its parliament. On the other hand, Pakistan has emerged as a hero,' he said.
The chief executive said the Pakistan stock market reacted 'very positively' amid a series of favourable developments for the country.
'Pakistan has received several good news items one after another — including the approval of the International Monetary Fund (IMF) programme, a reduction in the policy rate,' the business magnate said.
The PSX staged a strong comeback on Monday, driven by a convergence of positive developments, including a ceasefire agreement between India and Pakistan, as well as the IMF's approval of crucial funding. The benchmark KSE-100 Index surged nearly 10,000 points during the trading session.
Habib added that Pakistan is progressing on the economic front and has shown the world that it is a strong and capable country.
In a surprise and much-awaited move, Pakistan and India have agreed to a temporary ceasefire on Saturday.
US President Donald Trump confirmed that India and Pakistan agreed to a 'full and immediate ceasefire,' amid both countries launching strikes and counter-strikes against each other's military installations.
He also expressed willingness to work with both countries to find a solution concerning Indian Illegally Occupied Kashmir.
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