SC orders high earners to deposit 50pc super tax in two weeks

Our Correspondent
Wednesday, Mar 29, 2023

ISLAMABAD: The Supreme Court (SC) on Tuesday ordered the wealthy taxpayers to deposit 50% super tax within two weeks with the Federal Board of Revenue (FBR).

A two-member bench of the apex court, headed by Chief Justice Umar Ata Bandial, heard the plea filed by the FBR against the impugned interim order of the LHC, which had stayed the recovery proceedings from high-earning taxpayers.

During the hearing, counsel for the FBR told the court that the authority, while inserting a new section in the Income Tax Ordinance, had imposed super tax on wealthy taxpayers earning more than Rs15 crores. Through the Finance Act 2022, the government has imposed a super tax on high-earning persons by inserting a new Section 4C in the Income Tax Ordinance. Through the section, the FBR imposed a 10pc super tax on 13 sectors earning more than Rs150 million from tax year 2022.

The sectors are steel, banking, cement, cigarettes, chemicals, beverages, and liquefied natural gas terminals, airlines, textile, automobile, sugar mills, oil and gas and fertilizers.