The Federal Board of Revenue (FBR) has provisionally collected over Rs 14 billion from Super Tax imposed on rich individuals, Association of Persons (AoPs) and companies earning income above Rs 500 million in Tax Year 2015. Sources told Business Recorder here on Tuesday that so far collection of Super Tax has amounted to over Rs 14 billion. The government had imposed Super Tax at the rate of 4 percent of income of banking companies and 3 percent on other categories for rehabilitation of temporarily displaced persons through Finance Act 2015.
Few units challenged the levy in High Court. However, most of the big organisations like multinational companies and banks have already paid the Super Tax. The Board would also recover the levy from other units liable to pay the Super Tax. Through the Finance Act, 2015 a new section 4B was introduced in Income Tax Ordinance according to which Super Tax was imposed for Tax Year 2015 on the income of individuals, association of persons and companies who are earning Rs 500 million or above in Tax Year 2015. For banking companies Super Tax has been imposed irrespective of the quantum of income. Finance Minister Ishaq Dar had said that Super Tax would be extended for another year. Addressing a pre-budget seminar, the Finance Minister said, "Super Tax will continue for another year to eradicate terrorism."
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