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. […]
KARACHI: Finance Minister Dr. Miftah Ismail has said that super tax at the rate of 10 per cent has been imposed only for one year. The minister said: “Fiscal discipline will be strictly followed and all additional expenditures will be fully funded by tax measures. The 10 percent Super Tax is only imposed for one […]
KARACHI: Honda Atlas Cars (Pakistan) Limited on Thursday said that super tax to hammer the already thin margins of the auto business in the country. The company in its detailed financial report said: “The imposition of Super Tax will further hammer the already thin margins of auto business.” The company said that the automobile industry […]
ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday said that super tax will be applicable for tax year 2022 and onwards. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments made to Income Tax Ordinance, 2001 through Finance Act, 2022. READ MORE: Pakistan enhances income tax rates for banks […]
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has denounced the imposition of super tax by the government to generate additional revenue. FPCCI acting president Shabbir Mansha denounced imposition of 10 percent super tax on large industries; which already pay hefty corporate tax of 29 percent and generate millions of jobs in the […]