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:
Tax Slabs and Rates:
1. For individuals or entities whose income does not exceed Rs. 150 million, the super tax rate is 0% of the income.
2. For individuals or entities with income exceeding Rs. 150 million but not exceeding Rs. 200 million, the super tax rate is 1% of the income.
3. For individuals or entities with income exceeding Rs. 200 million but not exceeding Rs. 250 million, the super tax rate is 2% of the income.
4. For individuals or entities with income exceeding Rs. 250 million but not exceeding Rs. 300 million, the super tax rate is 3% of the income.
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5. For individuals or entities with income exceeding Rs. 300 million but not exceeding Rs. 350 million, the super tax rate is 4% of the income.
6. For individuals or entities with income exceeding Rs. 350 million but not exceeding Rs. 400 million, the super tax rate is 4% of the income for tax year 2022, and 6% of the income for tax year 2023 onwards.
7. For individuals or entities with income exceeding Rs. 400 million but not exceeding Rs. 500 million, the super tax rate is 8% of the income.
8. For individuals or entities with income exceeding Rs. 500 million, the super tax rate is 10% of the income.
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These new tax slabs have been introduced to ensure that individuals and entities with higher incomes contribute proportionally more to the tax revenue of the country. It is part of the government’s efforts to enhance tax collection and promote fiscal stability.
Please note that the information provided is based on the Finance Bill, 2023, and is subject to any revisions or amendments made by the relevant authorities.
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