Super tax on high-income individuals, companies to be retained in new budget
The new budget has proposed to retain the super tax on high-income individuals and companies. The income of Rs150 million to Rs300 million will be taxed from 1% to 10%.
Preparations for tax proposals for the budget 2023-24 are under way. Super tax on high income individuals and companies is being proposed to be retained.
A super tax of 1% to 10% will be applicable on the income of Rs150 million to Rs300 million, sources said.
The income of Rs150m will be taxed 1%, 2% on an income of Rs200m and those earning Rs250m will be charged a super tax at the rate of 3%.
A super tax of 30% will be retained on car makers, banking, steel, and fertilizer sectors.
Also Read: Pakistan’s economy faces challenges amidst weak macroeconomic conditions: SBP
A tax will also be collected from textile, petroleum, cement, pharmaceutical, and sugar sectors
Meanwhile, a delay in the IMF program and the political uncertainty in the country have affected the schedule for budget 2023-24 also, as a meeting of the National Accounts Committee has been rescheduled for the second time. The meeting has now been re-convened on Monday.
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