Karachi, October 9, 2023 – The Federal Board of Revenue (FBR) has introduced updated super tax rates for high-earning individuals for the tax year 2024.
Karachi, July 31, 2023 – The National Clearing Company of Pakistan (NCCPL) has issued a notification regarding the collection of super tax from investors in the stock market.
Karachi, July 27, 2023 – In a bid to promote progressivity and uniformity in the taxation system, the Federal Board of Revenue (FBR) has introduced additional income slabs for the Super Tax, as outlined in Circular No. 2 of Income Tax dated July 26, 2023.
Karachi, July 2, 2023: The Finance Act, 2023 has introduced progressive rates of Super Tax with an enhanced threshold, bringing changes to the existing super tax rates previously enacted for the tax year 2022. These new rates will apply from the tax year 2023 and onwards.
The higher rate of super tax, originally introduced in the Finance Act 2022, has now been extended to encompass all taxpayers across various sectors, according to the newly proposed Finance Bill of 2023.
In a significant development, the National Clearing Company of Pakistan Limited (NCCPL) has been granted the authority to collect super tax on capital gains.
Islamabad, June 10, 2023: The recently introduced Finance Bill, 2023 has brought forth new tax slabs for the super tax applicable for various tax years. The rates mentioned below are applicable for tax year 2022 and onwards:
The Pakistan Business Council (PBC) has expressed its dissatisfaction with the imposition of super tax on corporate profits, describing it as a penalty on the documented sector.
ISLAMABAD: Supreme Court of Pakistan (SCP) on Monday ordered the taxpayers to pay half of the super tax within seven days, according to a Tweet by the Federal Board of Revenue (FBRP).
Super tax is a special levy that is imposed on certain classes of taxpayers on their income in Pakistan. The collection of super tax has been made under Income Tax Ordinance, 2001. Through Section 4B of the Income Tax Ordinance, 2001, super tax for rehabilitation of temporarily displaced persons was introduced through Finance Act, 2015. […]