PkRevenue.com – The Lahore High Court (LHC) has declared that the super tax under Section 4C of the Income Tax Ordinance, 2001, cannot be imposed retrospectively on companies and individuals for the tax year 2022.
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MTO Karachi Recovers Super Tax of Rs 607 Million from Maersk
Karachi, May 23, 2024 – In a landmark fiscal achievement, the Medium Tax Office (MTO) Karachi has effectuated the recovery of a colossal sum of Rs 607 million in super tax from Maersk, the globally eminent shipping and logistics conglomerate.
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ATIR Rules Super Tax Not Payable on FTR Income
Karachi, May 23, 2024 — In a significant ruling, the Appellate Tribunal Inland Revenue (ATIR), Karachi, has determined that super tax is not applicable to income falling under the Final Tax Regime (FTR) for exporters.
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FBR Updates Super Tax Rates for High-Earning Individuals
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.
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Super Tax Implemented on Stock Investors by NCCPL
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.
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Additional Income Slabs Introduced to Bring Uniformity in Super Tax
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.
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Progressive Rates of Super Tax with Increased Threshold Implemented from July 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.
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Higher Rate of Super Tax Extended to All Taxpayers
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.
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NCCPL Authorized to Collect Super Tax on Capital Gains
In a significant development, the National Clearing Company of Pakistan Limited (NCCPL) has been granted the authority to collect super tax on capital gains.
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Finance Bill 2023 Introduces New Tax Slabs for Super Tax
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:
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